YapStone, an international payments firm for large marketplaces, has announced that it closed a $71 million Series C funding round, led by Premji Invest.

The latest injection of funds will provide YapStone will the platform to expand its product offering, broaden its geographic footprint and accelerate growth. The funding round also included investments from Mastercard and existing investors Accel and Meritech Capital Partners.

YapStone’s payments products enable marketplace and software customers to monetise transactions flowing through their platforms and improve conversion while minimizing capital and operational expense. Customers can auto on-board and use a range of payment methods for consumers, including flexible payouts to merchants, instant and deferred funding, and split payments functionality.

Tom Villante, co-founder and CEO of YapStone, commented: “YapStone has grown over 35 percent annually for the past decade and 2017's growth was exceptional. This funding will help us grow our leadership position in serving global marketplaces and software companies, utilizing new technologies in expanded geographies.”

Sandesh Patnam, lead US partner at Premji Invest, added: “Premji invests in private companies with all the right ingredients to become thriving public companies. YapStone's comprehensive approach to payments makes this investment very exciting to us and we look forward to significant acceleration in the coming years.”

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