Tech triples valuation to $5.5 billion, making it one of Europe's top fintechs

Key Points
  • has seen its valuation almost triple in a Series B funding round led by technology-focused hedge fund Coatue.
  • The start-up has achieved impressive growth over the last year, increasing transaction volumes by 250% and picking up big-name clients.
  • It's now tied with Sweden's Klarna and Britain's Revolut as Europe's most valuable fintech start-up.
The logo for payments start-up

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.

Since then, the company has achieved impressive growth, increasing transaction volumes by 250% over the last year and picking up big-name clients — from Singaporean ride-hailing app Grab to U.S. online brokerage Robinhood — along the way. 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.

Stripe co-founder John Collison on nabbing top spot on CNBC's Disrupter 50 list
Stripe co-founder John Collison on nabbing top spot on CNBC's Disrupter 50 list

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. said it would use the additional capital to shore up its balance sheet and invest in new products. The company made its first two acquisitions this year, snapping up French start-up ProcessOut and Australian firm Pin Payments.

"The way money moves into and out of businesses is changing rapidly," CEO Guillaume Pousaz said in a statement. "I believe that by solving financial complexity, you can radically unlock innovation — starting with digital payments." claims to have been profitable since 2012. The firm posted a $2.3 million net profit on revenues of $74.8 million in 2018.

It now employs 750 people across 13 offices, marking a roughly 50% rise in headcount from the more-than-500 employees it had last year.

The company says it has got a boost in recent months from the coronavirus pandemic, which has forced many businesses to move their operations online. Bain & Company estimates the adoption of digital payments could climb as much as 10 percentage points to 67% of transaction values globally by 2025.