BitPay, a US-based bitcoin payment service provider, has raised $40m in an extended Series B funding round.

The funding round was backed by new investors including Menlo Ventures, Capital Nine, G Squared, Nimble Ventures, and Delta-v Capital.

Menlo Ventures partner Tyler Sosin said: “We gravitated towards BitPay because we felt the company had identified a killer use for crypto in facilitating low cost payment solutions for cross-border commerce and B2B payments, which is a massive market poorly served by the existing payment rails.”

They were joined by Internet Security Systems founder Christopher Klauss, and Tencent co-founder Alvin Liu.

The latest investment takes the total capital raised by the payments firm till date to more than $70m. BitPay intends to use the new capital to support its geographic expansion.

BitPay CEO Stephen Pair said: “BitPay had a record 2017 as we processed over $1 Billion in bitcoin payments. We brought on these new investors who can help BitPay scale globally to meet customer demand.

“Our goals include key hires in engineering and regulatory licensing, as well as expansion into emerging markets in Asia-one of BitPay’s fastest-growing regions for transactions and wallet adoption.”

The payments firm launched a $30m Series B funding round in December 2017, which was led by Aquiline Capital Partners. The decision to extend the round was made following high investor demand.

BitPay initially received $30m in investment from an array of investors in a Series A funding round in 2014.