Gusto co-founder and CEO Joshua Reeves Photograph by Stuart Isett/Fortune Brainstorm Tech

Gusto — a San Francisco-based company that simplifies the payroll process for small businesses — has raised $200 million in Series D funding led by Fidelity, with participation from Generation Investment Management, and existing investors General Catalyst, Dragoneer Investment Group, and funds advised by T. Rowe Price Associates. This funding values the payroll management company at $3.8 billion, up from $2 billion last year, and $1 billion in 2015. Gusto says it’ll use the funding to double down on R&D and also grow its teams in Denver, San Francisco, and New York. Gusto currently employs 800 people.

Gusto has also announced a new board member; Anne Raimondi, a SaaS industry veteran with more than two decades of experience. Raimondi is also a board member at Asana, and was previously a board member of SendGrid, which Twilio acquired in a $3 billion deal earlier this year. She previously held executive positions at Zendesk, Survey Monkey, Blue Nile, and eBay, and currently lectures at Stanford’s Graduate School of Business.

Gusto processes tens of billions of dollars of payroll annually for more than 100,000 small businesses in the US. Using Gusto, small businesses get access to complex payroll management tools typically available to larger companies. This $200 million Series D included, Gusto has now raised more than $500 million in total funding.

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