Online payments start-up has raised $150 million in funding at a $5.5 billion valuation — nearly three times what it was worth when it last raised cash.

Founded in 2012, the London-based company sells a software platform that makes it easier for businesses to process and take payments over the web. It competes with the likes of U.S. firm Stripe and Dutch processor Adyen. mostly flew under the radar until 2019, when it tapped external investors for the first time to raise a $230 million Series A round. That deal —reportedly agreed over “handshakes” rather than term sheets — gave the firm the coveted status of “unicorn,” with a $2 billion valuation. raised the fresh cash in a Series B round led by Coatue, a technology-focused hedge fund which has backed the likes of food delivery firm DoorDash and TikTok owner ByteDance. Existing investors Insight Partners, DST Global, Blossom Capital and Singaporean sovereign wealth fund GIC also bought shares in the round.

It means is now tied with Swedish e-commerce lender Klarna and British digital bank Revolut as Europe’s most valuable fintech start-up. However, it’s still some way off catching up with privately-held Stripe, most recently valued at $36 billion, as well as publicly-listed Adyen, which has a $38 billion market cap.


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