Dutch payments technology outfit Silverflow has secured $17m investment in a Series A funding round led by Coatue Management.

The round was joined by existing backers Crane Venture Partners and Inkef Capital along with Global Paytech Venture.

Marqeta founder and CEO Jason Gardner and former Square product lead and current Coinbase board member Gokul Rajara also participated in the fundraising.

Silverflow’s cloud-based platform offers payment services providers, merchants, and acquirers with direct access to card networks.

The Amsterdam-based firm plans to use the fresh funding to support its US expansion and to grow its team to support the product development.

Led by CEO Anne-Willem de Vries, CBDO Robert Kraal, and CTO Paul Buying, Silverflow’s current customers include Payment orchestration platform IXOPAY, Dutch paytech PayU and Germany’s Deutsche Bank.

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Deutsche signed a global partnership with the firm this May to facilitate payment service providers across Europe and the US to accept debit and credit card payments via the Silverflow platform.

In October last year, the firm raised €2.6m in a seed funding round to support the launch of its card payments processing technology.

The round was led by UK-based Crane Venture Partner with participation from INKEF Capital and several angel investors.

Recent moves by other Dutch firms

In June this year, payment firm Mollie raised $800m at $6.5bn valuation to accelerate its efforts for international expansion.

The fundraising followed the firm’s entry into the UK market.

Last year, Adyen extended its alliance with Microsoft to roll out a new offering for payments tokenisation.