YapStone, a global payments platform for large marketplaces, has raised $71 million at the first close of its Series C funding round led by PremjiInvest, the family office of Wipro founder Azim Premji which specialises in private equity investments.
The US-based company is looking to raise up to $100 million for its Series C round, YapStone had said in a regulatory disclosure.
The new funding takes the total amount raised by YapStone to nearly $187 million so far.
“This funding will help us grow our leadership position in serving global marketplaces and software companies, utilizing new technologies in expanded geographies,” said Tom Villante, Co-Founder and CEO of YapStone.
PremjiInvest targets consumer, financial services, healthcare, IT, automobile, education and hospitality sectors, and has a corpus of over $1 billion through its two funds—PI Opportunities I and PI Opportunities II.
In September last year, the investment firm had led a $55-million Series E round in US-based Apttus, while in January 2016, PremjiInvest led a $90 million Series E round in US-based Anaplan Inc.
“Premji invests in private companies with all the right ingredients to become thriving public companies,” said Sandesh Patnam, Lead U.S. Partner at Premji Invest. “YapStone’s comprehensive approach to payments makes this investment very exciting to us and we look forward to significant acceleration in the coming years.”
This latest funding is likely to provide fuel to YapStone to take on incumbent market players like PayPal and Stripe. It is estimated that this latest funding round values the company at around $471 million.
YapStone’s configurable payment features enable marketplace and software customers to monetize transactions flowing through their platforms and improve conversion while minimizing capital and operational expense.