Online payments firm Stripe has raised $600m in an extension of its Series G funding round to capitalise on the digital shift in the economy amid the Covid-19 crisis.

The firm said that as a result of the pandemic, “several years of offline-to-online migration are being compressed into several weeks”.

The financing round takes the firm’s valuation to $36bn. The backers of this round are Andreessen Horowitz, General Catalyst, GV, and Sequoia.

The round is the extension of the $250 fundraising announced in 2019.

The firm intends to use the new proceeds to strengthen its software functionality and expand into new markets such as Bulgaria, Cyprus, the Czech Republic, Hungary, Malta and Romania.

It also plans to utilise the fresh capital to make hires globally as well as execute strategic initiatives or acquisitions.

The firm also unveiled that it has over $2bn on its balance sheet and has added Zoom to its client list.

Stripe president and co-founder John Collison said: “People who never dreamt of using the internet to see the doctor or buy groceries are now doing so out of necessity. And businesses that deferred moving online or had no reason to operate online have made the leap practically overnight.

“We believe now is not the time to pull back, but to invest even more heavily in Stripe’s platform.”

Last month, Stripe led a $20m Series A funding round for Fast, a US-based firm that facilitates one-click checkout from e-commerce sites.