Checkout.com has closed a $150 million Series B funding round, tripling the value of its international payments business to $5.5 billion.

The funding was led by Coatue, along with participation from existing investors Insight Partners, DST Global, Blossom Capital and Singapore’s sovereign wealth fund GIC.

It will use these funds to further strengthen its balance sheet, bringing available cash to over $300 million, as well as investing in the development of new products like its advanced Payouts solution and the capability to accelerate settlement times.

The latest funding follows from a record Series A round in May, raising $230 million at the first time of asking.

The eight-year-old, London-headquartered company already powers the likes of Grab, Revolut, Robinhood, Farfetch, Klarna and Remitly. Its proprietary technology offers enterprise businesses seamless and reliable global payment processing, with direct access to domestic acquiring across payment methods and geographies, through a single, integrated platform.

Chief executive and founder Guillaume Pousaz said: “We’ve built a technical architecture that enables pioneers to reinvent industries and redefine their relationship with consumers - now more than ever, we are confident of our mission to build the connected payments that businesses deserve.”

Checkout.com employs over 750 staff across 13 offices globally.

It has acquired two businesses this year, ProcessOut in February and Pin Payments in May. The business also announced two people moves – Olivia Broderick joined as general counsel and Mike Benchimol becomes chief operating officer.

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