The online payments firm Stripe, founded by Irish brothers Patrick and John Collison, is raising a further $250 million in new funding.

The latest round values the company at $35bn, a 55% increase on its valuation following a smaller fundraising round last January.

General Catalyst, Sequoia and Andreessen Horowitz are among those giving the money to the San Francisco based company.

The fundraising comes as the business continues to rapidly develop its product lines and build its presence in existing and new markets.

The company now employs 200 people in its European headquarters in Dublin, with 65 of those staff now working in engineering.

The Irish based team are driving Stripe's expansion across the region.

The platform now offers its products in 34 countries and more are due to be added in the next few months.

Earlier this month, the firm announced it was expanding into Central and Eastern Europe, offering services in Poland, Estonia, Latvia, Lithuania, Slovakia and Slovenia.

In Southern Europe the company is also growing into Greece and Portugal.

"Even now, in 2019, less than eight percent of commerce happens online," said John Collison, President and Co-founder of Stripe in a statement.

"We’re investing now to build the infrastructure that’ll power internet commerce in 2030 - and beyond. If we get it right, we can help the internet fulfill its potential as an engine for global economic progress." 

Founded in 2009, Stripe now has more than 2,000 employees in 14 offices around the world and processes hundreds of billions of dollars a year in payments.

The company already counts Shopify, Booking.com, Salesforce, Lyft and Deliveroo among its many customers.

It recently added Wayfair, Airbnb, Twilio, GitHub and The RealReal to that list.

The company has also recently announced a new fundraising tool for companies built on its platform called Stripe Capital, as well as a corporate card payment system.