(Bloomberg) -- U.K. financial technology startup GoCardless raised $312 million in new funding to speed up its expansion in open banking across products and geographies.

The company was valued at $2.1 billion in the deal, more than double the figure investors gave it during a funding round in December 2020, the company said in a statement on Tuesday.

GoCardless processes more than $25 billion in transactions per year for the likes of Klarna Bank AB and DocuSign Inc. 

Transaction volumes have risen more than 50% year-on-year as open banking gains traction, Chief Executive Officer Hiroki Takeuchi said in an interview. 

“Our view is that being able to move money much more directly from one account to the other is always going to be the best way to go,” he said.

The round was led by Permira, whose investment comes as large money managers increasingly look to back fast-growing technology companies, with the firm closing its second Growth Opportunities fund in December at $4 billion. 

JPMorgan Chase & Co. was the placement agent for the fundraise, while Goldman Sachs Group Inc. advised Permira. BlackRock Private Equity Partners also participated. 

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