American payments firm Stripe has raised its valuation to $35bn after securing additional investment of $250m.

In the latest fundraising, the payments company was backed by General Catalyst, Sequoia, and Andreessen Horowitz, among others.

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According to media sources, Stripe becomes one of the most valuable start-ups in the US with the fundraising.

The payments firm plans to use the funding to speed up its international expansion plans and introduce new products.

It will also continue to invest in the Global Payments and Treasury Network (GPTN). GPTN is a programmable infrastructure for global money movement.

Besides, Stripe intends to utilise a portion of the investment to bolster its enterprise capabilities.

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With steep increase of internet users outside North America and Western Europe, Stripe has accelerated efforts to support global expansion.

Recently, it expanded to eight new European countries and plans to enter more markets in the coming months.

Earlier this month, Stripe also announced a corporate card offering to enable online businesses simplify their payments.

Furthermore, it forayed into small business lending by launching a new arm called Stripe Capital.

Stripe president and co-founder John Collison said: “Even now, in 2019, less than eight percent of commerce happens online.

“We’re investing now to build the infrastructure that’ll power internet commerce in 2030 and beyond. If we get it right, we can help the internet fulfil its potential as an engine for global economic progress.”