The bank became the WSL's first title sponsor in 2019, offering more than £10m in a three-year partnership.

The new deal is double that investment.

Barclays will also increase its grassroots investment, aiming to offer football to girls in more schools.

"It's absolutely brilliant for the game and the whole structure of it throughout the pyramid," Smith told BBC Sport.

"The money that Barclays is giving is really going to help thousands and thousands of girls to develop. It will just filter through and help young players, especially at grassroots level."

Chelsea manager Emma Hayes added: "It's another sign of the amazing work being done across the game. It's brilliant support from Barclays. I hope it's another step for others to commit to our game."

'It uplifts the value of the league'

A Football Association statement said a new three-year sponsorship deal had also been agreed with the Premier League.

The FA did not specify how Barclays' investment would be divided between the women's top tier in England, the Championship and the grassroots game.

However, Smith says the new deal will help close the gap between the Championship and the WSL and could lead to more players becoming professional in the second tier.

"You don't want a big gap from the top to the Championship as they are trying to get into that division. You want it to be as close as possible," she added.

"Right now there's a big divide so hopefully this will allow the clubs to put the money in the right places in order to get more staff onboard, give the players better salaries so they can maybe become full-time and make it as close as possible."

Kelly Simmons, the Football Association's director of women's professional game, said "Barclays have played a crucial role in the growth of women's and girls' football, so it is excellent news that they are committing to a new record investment in the women's and girls' pyramid until 2025."

The increased investment follows a "landmark" three-year broadcast deal announced in March, with the BBC showing the WSL on network free-to-air television for the first time.

Smith added: "I was really excited in 2019 when Barclays came on board and you can see the growth and development that has happened in that short space of time.

"They have been involved in football for more than 20 years with the men's Premier League, so to have them come across to the women's game makes it more visible and more respected.

"It's all about equality. It uplifts the value of the league, especially with the Championship coming on board too."