Digital payments company Stripe is now the second most valuable startup - behind Jack Ma's Ant Group.
Ten-year-old Stripe said it has raised $600 million over the past weekend in its latest round of fundraising that included spending by Fidelity Investments Inc.
Other investors included investment manager Billie Gifford & Co., insurers AZA SA, Allianz SE and the Irish National Treasury Management Agency.
The company is now valued at $95 billion but is still in the running to overtake Ant Group.
Ant Group was initially valued at $300 billion but following China's crackdown on financial technology companies its valuation dropped to an estimated $108 billion in January.
In a statement, Stripe said that it was looking to spend more in Europe. Stripe has 42 international operations.
Stripe's customers include Wayfair, Shopify and DoorDash. The company's chief financial officer said Stripe was "bigger now than the entire e-commerce (market) was when we first started." Online shopping is believed to be the biggest driver for Stripe.
COVID-19 helped financial technology companies as people relied on online payments and e-commerce purchases during lockdowns. The company launched banking services by partnering with Citigroup, Goldman Sachs and others.
Among its earlier investors were Tesla's Elon Musk and Alphabet's Capital G.
However, talk of a decline in e-commerce and online payments has increased recently - especially with many countries looking to completely end coronavirus restrictions and the administration of COVID-19 vaccines.
Following the billion-dollar valuation increase analysts wonder if Stripe will go public. The company has not commented on an initial public offering. Joint founder John Collison said last year there were "no plans" to go public.
Stripe has yet to disclose its revenues or profitability.
