UK-based payment solution provider Checkout.com has raised $150m in Series B funding round.

With the fundraising, the London-headquartered firm tripled its valuation to $5.5bn.

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Global investment manager Coatue led the latest funding round. Additionally, Checkout.com’s existing investors such as Insight Partners, DST Global, Blossom Capital and Singapore’s Sovereign Wealth Fund, GIC, participated in the round.

The new proceeds will be used to further bolster its balance sheet improving cash availability to more than $300m.

The company also plans to utilise a part of the funding for the development of new products and streamline settlement times.

As a payment solutions provider, Checkout.com provides a platform to enable businesses to accept and process online payments.

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It processes more than 150 currencies and provides access to all international cards and major payment methods to merchants.

Checkout.com founder and CEO Guillaume Pousaz said: “The way money moves into and out of businesses is changing rapidly. I believe that by solving financial complexity, you can radically unlock innovation — starting with digital payments.

“At Checkout.com, 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.”

The company has more than 750 employees across 13 offices globally.

Notably, Checkout.com raised $230m in the Series A funding round last year. Recently, the company acquired Australia-based online payment platform Pin Payments.