New Delhi, May 20 -- Venture capital firm Peak XV Partners has expanded its international fintech portfolio by participating in a $100 million (around Rs 968 crore) Series C funding round in London-headquartered payments infrastructure startup Primer.

The round was led by Belgian investment firm Sofina and also saw participation from existing investors including Balderton, Accel, ICONIQ, Tencent and Speedinvest.

Primer marks Peak XV's second investment in May this year, following its participation in the $125 million Series B round of California-based Exaforce.

The investor has been increasing its focus on overseas AI and enterprise technology investments in recent years, particularly after its split from Sequoia Capital in 2023. Earlier this month, the venture capital firm appointed former Fractal executive Shelly Singh as an operating partner in San Francisco to strengthen its US presence and AI investment strategy.

Peak XV's portfolio includes several global AI and infrastructure startups such as AI-native cybersecurity startup Exaforce, AI geo-analytics platform The Prompting Company, AI healthcare revenue platform Claim Health, AI sales training startup Hyperbound, anti-piracy platform Marqvision, fintech startup Alex, observability platform Dashverse and memory infrastructure startup Mem0.

Founded in 2020 by former Braintree and PayPal executives, Primer provides a unified payments infrastructure platform for enterprises. The company said its platform helps merchants manage payments across processors, fraud tools and payment methods through a single operating layer.

Primer said it currently processes billions of transactions annually for companies such as GetYourGuide, Dialpad and Printful, while managing more than 95% of customer payment volumes on average.

The company plans to use the fresh capital to expand its AI capabilities and accelerate growth in the US market, which currently contributes about one-fifth of its revenue. It aims to increase the US share of revenue to more than one-third by 2028 and hire up to 50 employees in the region.

"As payments enter a new architectural era, that depth of context becomes critical for AI agents to make decisions. We are excited to partner with Primer as they expand globally," said Aakash Kapoor, principal at Peak XV Partners.

Published by HT Digital Content Services with permission from VC Circle.