In addition to raising an unspecified amount of new funds, mobile payments firm Stripe agreed to work with Visa on initiatives including tokenisation and gaining greater exposure to emerging markets.

The credit card giant is also an investor in the funding round, alongside Kleiner Perkins Caufield Byer, Amex, Sequoia Capital, among others.

Stripe, which would only say it raised “less than $100 million”, now has a valuation of $5 billion.

Patrick Collison, co-founder and chief executive of Stripe, told Re/code that the Visa partnership covers a number of areas: On security, it will work with Visa to enable its developers to access the card firm’s tokenisation service, an area where Visa is pushing hard. Stripe has its own tokenisation initiative but could use Visa’s to supplement its own in the future.

A second area where Visa will help Stripe is to expand faster in emerging markets where the card giant has strong relationships with other financial institutions but Stripe does not.

“If your goal is to increase the GDP of internet and rollout globally faster, the card networks are the blindingly obvious people to work with,” said Collison.

Another area appears to be collaboration around rolling out new types of payment experiences, such as buy buttons to websites, on a global basis. Stripe previously worked with American Express to create a PayPal-like buy button, which became available to online merchants earlier this month.