Italian fintech firm Satispay has raised €93m ($110m) in a Series C funding round to accelerate its growth and global expansion.

The funding round was co-led by American fintech firm Square, internet giant Tencent, investment firm LGT Lightstone, and Telecom Italia’s venture capital vehicle TIM Ventures.

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The new investment comprises of €68m of newly-issued primary shares and nearly €25m of secondary shares bought from existing backers.

The latest infusion brings the total amount raised by the company to date to €110m($130m), since its launch in 2013.

The fresh fundraising was completed at a pre-money valuation of €180m ($213.6m).

Satispay will use the money to consolidate its position in Italy and boost its international expansion. It has already forayed into Luxembourg and Germany in Europe.

Satispay has more than 1.3 million consumers and 130,000 merchant partners in Italy.

Despite the Covid-19 pandemic, Satispay onboarded more than 450,000 users and 35,000 merchants this year.

The company has processed nearly 21.5 million transactions worth €400m ($474.7m) as of October 2020.

It’s Series C round funding round is subject to the receipt of shareholders approval and customary closing conditions.

It is expected to be formally complete at the end of this year.

Earlier this month, Hong Kong-based digital payment services provider Statrys raked in $5m funding to expand its product offering for small businesses (SMEs) in Asia.

Further, Brazil-based payments company Conductor recently raised $150m in a private funding round to expand its footprint in Latin America.