YapStone, an online payment service provider for global marketplaces and large vertical markets, has raised $71m in a Series C funding round led by Indian investment firm Premji Invest.

Mastercard along with existing investors Accel and Meritech Capital Partners also participated in the latest funding round.

The company plans to use the capital to expand its offering and geographic footprint, as well as pursue mergers and acquisitions.

YapStone co-founder and CEO Tom Villante said: “YapStone has grown over 35 percent annually for the past decade and 2017’s growth was exceptional. This funding will help us grow our leadership position in serving global marketplaces and software companies, utilising new technologies in expanded geographies.”

Premji Invest lead US partner Sandesh Patnam added: “YapStone’s comprehensive approach to payments makes this investment very exciting to us and we look forward to significant acceleration in the coming years.”

YapStone currently processes more than $18bn in payment volume per year.

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By GlobalData