Primer has closed a Series B funding round that values the payments infrastructure startup at $425 million only 20 months after being founded.

The $50M Series B fundraise was led by ICONIQ Growth, the San Francisco based investment firm that has backed global tech companies such as Adyen and Marqeta to Snowflake and Datadog. Existing investors, including Accel, Balderton Capital, Seedcamp, Speedinvest, and RTP Global all participated in the round.