Stripe has raised $245m in the latest funding round led by hedge-fund firm Tiger Global Management to take Stripe payments global.

The funding round was also joined by DST Global, Sequoia Capital, Andreessen Horowitz, Kleiner Perkins and Khosla Ventures.

The latest round values the company at approximately $20bn, which is almost double compared to $9.2bn in a November 2016 fundraising.

“We think this investment will be helpful as we continue to march upmarket and serve these larger companies,” Reuters quoted Stripe co-founder John Collison as saying.

The firm intends to use the funds to expand Stripe payments to new regions including Southeast Asia and India.

Additionally, the company intends to use the money to bolster its client portfolio. It also plans to open an engineering hub in Singapore.

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By GlobalData

Launched in 2010, Stripe provides software and associated services to enable the companies accept payments swiftly from their customers avoiding conventional procedures.

Currently, it operates across 25 countries with a clientele of more than 120 companies.

Earlier this month, the company introduced its own point-of-sale (PoS) terminal to enable online businesses accept in-person payments.