Payments firm 2Checkout has raised $60 million in its first funding round to fund its international expansion. Chicago Growth Partners and Trident Capital were the lead investors in the financing, according to VentureBeat.

Devin Matthews, a managing partner at Chicago Growth Partners, said: "The global e-commerce market is massive and continues to increase at a double-digit rate of annual growth. Online payments are a critical component of e-commerce and the providers in the space are consolidating into a few global platforms. 2Checkout will emerge as one of the global leaders in payments. Now is the perfect time to help scale 2Checkout to the next level."

2Checkout has been working on cross-border friendly payment services for merchants. The company's service automatically localizes the checkout process of its clients by noting their location, language, and currency. The firm also processes payments for merchant banks such as Brink's, the report detailed.

Based in Columbus, Ohio, 2Checkout was launched in 1999. It now processes payments for more than 22,000 merchants across 196 countries, VentureBeat reported.