Coatue Management Founder Phillippe Laffont. Photo credit: Kevin Moloney/Fortune Brainstorm Tech, under Creative Commons license

Coatue Management, a tech-focused hedge fund, has led $150 million in new funding for Checkout.com, a London-based payments company. The funding values Checkout.com at $5.5 billion, a triple of the company’s last-known valuation. Checkout says online transactions on its platform have grown 250% year-on-year, sort of explaining the sizeable valuation increase. The coronavirus pandemic, in general, seems to have boosted business for payment providers.

Alongside Coatue, participants in the new funding for Checkout.com include venture capital firms DST Global, Insight Partners, and Blossom Capital. Singapore’s sovereign wealth fund, GIC, also participated. The new funding is a Series B, the second round of funding Checkout.com has closed since its inception. Impressively, Checkout.com says it’s been profitable since 2012 and is raising the funding to further strengthen its balance sheet, which now stands at $300 million.

Checkout.com’s last funding round was a $230 million Series A closed in May of last year. The round was notably the largest ever known Series A round closed by a private European fintech.

Checkout.com is headquartered in London and has courted customers globally. In the past year, the company added more than 500 customers, among them tech companies including Klarna, Remitly, Revolut, Grab, Glovo, Careem, and Robinhood. Currently, Checkout.com processes more than 150 currencies on its payments platform, hence its global customers. Powering Checkout.com currently is a staff of more than 750 working across 13 offices globally.