Payments company YapStone has announced plans to almost triple its workforce over the next five years, through the addition of 200 positions at its Drogheda offices.

The new roles will be created as part of a €41m investment by the Silicon Valley-headquartered firm, which is being supported by IDA Ireland.

YapStone offers online and mobile payments products to a range of companies worldwide, including property sharing sites HomeAway and VRBO.

It established its international offices in Drogheda, Co Louth in 2012 where it currently employs 125 people.

Today, the firm announced plans to add more than 200 engineering and technology positions between 2018 and 2023 in order to cater to its rapid expansion.

"We have hired tremendous talent in Ireland, and they have played a major role in YapStone’s success and international expansion," said YapStone co-founder and CEO Tom Villante, Co-Founder and CEO of YapStone. "It was a natural decision for us to expand our investment in Irish talent into technology."

IDA Ireland CEO Martin Shanahan described the move as a "significant expansion" for YapStone and Drogheda and said it would serve as an "excellent reference site for IDA in marketing this key regional location".

Tánaiste and Minister for Business, Enterprise and Innovation Frances Fitzgerald said the announcement would be "a great boost for the town" which tallied with the Government's desire to drive "job creation in locations which are away from the bigger cities".