Indian credit card bill payment start-up Cred has confirmed that it has raised $120m in a Series B financing round.

The round was led by Ribbit Capital, Gemini Investments and Sequoia Capital. Various new investors also participated in the latest round.

The latest funding round values the company at around $450m. Last year, it was valued at $75m after it secured its first capital from the market.

The confirmation comes barely weeks after reports emerged that the company is reportedly in advanced talks to raise up to $125m.

The fresh capital will be used by the company to foray into international markets. Cred founder Kunal Shah told The Economic Times that the company also plans to bolster the merchant ecosystem.

Additionally, it intends to utilise the Cred platform to help the banks issue personal loans through credit cards. However, it does not plan to foray into lending business, Shah told the publication.

Last month, the Indian start-up raised $4m from Sequoia. The investment also provided Sequoia with 12.68% stake in Cred.

Cred provides a platform to the members to receive incentives on timely credit card bill payments. They can receive gift vouchers, discount coupons and other offers .

The platform also enables them to manage multiple cards and provides them with an assessment of their credit score.

The start-up has partnered with several brands including BookMyShow, Urban Ladder, Airbnb, FreshMenu and CureFit. Indian lenders such as HDFC, ICICI, Kotak, Axis Bank are also associated with Cred.