Fundbox, a California-based fintech firm that aims to transform B2B payments, has raised $176m in Series C round.

The Series C round was oversubscribed and includes investment from several companies including Allianz X, HOOPP, HarbourVest and 9Yards Capital among others.

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The existing Fundbox investors Khosla Ventures, General Catalyst and Spark Capital Growth also participated in the round.

Besides the equity funding, the company secured a $150m credit facility to increase the total amount raised to $326m.

Allianz X CEO Nazim Cetin said: “Fundbox has demonstrated a track record of success in a competitive B2B fintech market by building the first payment and credit network.

“Our investment underscores the belief that Fundbox will continue setting itself apart in e-commerce by employing technologies that allow corporate customers to focus on growing their business.”

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Fundbox operates as a payments processor and as a lender for small businesses. It leverages machine learning and assessment of transactional data to facilitate B2B payments and credit products.

With the new funding, the company plans to further transform the B2B landscape by expediting credit experience and business payments. It also aims to bring further transparency on transactions to provide businesses with greater cash flow predictability.

Fundbox founder and CEO Eyal Shinar said: “This new investment round validates the market opportunity and that our team is on the right path as we continue to focus on transforming B2B commerce for the better.”