Breaking Stories Closes $450 Million Series C For $15 Billion Valuation

London-based digital payments firm has tripled its valuation to $15 billion after closing a $450 million series C funding round led by New York technology investment firm Tiger Global Management. Founder and CEO Guillaume Pousaz said in a Tuesday (Jan. 12) press release that this latest funding round “reflects our market-leading position” and will advance the company’s mission of helping merchants develop “innovative business models by reimagining interactions with financial services.”

Pousaz added that payments touch every aspect of a business, “from the customer journey” to a company’s finesse in tapping new opportunities and rolling out new products.

“Our new investors bring a wealth of experience across payments, technology and scaling companies — crucial knowledge for the next stage of our growth, as we continue to build our vision for the future of Connected Finance,” he said.

This new round of funding also makes the fourth largest FinTech in the world and the most valuable venture-backed business across the region of Europe, the Middle East, and Africa (EMEA), the company said, citing Pitchbook data.

Also investing in the funding round were Greenoaks Capital and existing investors Insight Partners, DST Global, Coatue Management, Blossom Capital, Endeavor Catalyst and Singapore’s Sovereign Wealth Fund GIC.

Founded in 2012 in London, just opened a New York City office. The company also has a U.S. office in San Francisco, which it opened in 2017, and has plans for an office in Denver. This year, the firm anticipates hiring an additional 700 people across all its locations.

In June, closed a $150 million funding round that nearly tripled its valuation to $5.5 billion. The company’s online transaction numbers accelerated 250 percent in May compared to the same month in 2019.

Digital payments solutions have become increasingly important as the pandemic forced people to start doing everything online. But, even after getting a vaccine, 75 percent of respondents in a new PYMNTS study indicated that they planned to stick to their digital-first shopping habits. Some 41 percent said they are shopping more by mobile device now than they did prior to March 2020.

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