London-based payment startup Primer has raised $50m in a new funding round at a $425m valuation to expand its global footprint and accelerate product development.

The Series B funding round was led by San Francisco-based investment firm ICONIQ Growth with participation from Accel, Balderton, RTP Global, Seedcamp, and Speedinvest.

Founded by former Paypal executives Paul Anthony and Gabriel Le Roux in early 2020, Primer raised $20m last November in a Series A funding round led by Accel.

The firm provides end-to-end payments infrastructure to support a range of payment methods, including buy now pay later (BNPL) service.

It is also developing a low-code API to enable online merchants to integrate their payments stack.

Primer, which currently employs 70 people across 20 countries, is looking to triple its workforce next year.

Commenting on the latest round, Primer founder Paul Anthony said in a statement: “Our past experience running hundreds of deep-dive technical workshops with some of the biggest online companies like Uber, Spotify and Airbnb, has given us unique insight into the deeply-rooted technical fragmentation that exists in global payments.

“Every day we’re uncovering new technical insights to better enable merchants to build beautiful commerce experiences, gain unprecedented observability across their payments stack, and supercharge their payments ops.”

In May last year, Primer raised £3.2m in a seed funding round, after securing a pre-seed investment of £600,000 from Seedcamp, Speedinvest, Kima, and several angel investors.

Earlier this year, London-based global payment service provider SumUp acquired Lithuanian core banking system provider Paysolut.