Online Payment Fintech, Stripe Secures US$250 Million And Valuation Jumps To US $35 Billion!
The online payments fintech firm, Stripe, founded by Irish brothers Patrick and John Collison is now valued at US$35 billion after a US$250 million funding round joined by General Catalyst, Sequoia, and Andreessen Horowitz.
The new valuation sees Stripe increase its valuation by US$12.5 billion or a 55% since its last funding round in January 2019. Only Juul LAbs and We Co are now more valuable startups in the US than Stripe.
Founded in 2010, Silicon-Valley-based Stripe has built itself up into a multi-billion dollar company off the back of making it easy for online sellers to accept card payments. The firm has built up an impressive list of clients, with a stable of users ranging from one-man web stores to giants such as Google.
The company now employs 200 people in its European headquarters in Dublin, with 65 of those staff now working in engineering. 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 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.
Recently it has been working to build out its product suite and just this month launched a corporate credit card and a lending service.
The latest funding will be used to continue this product diversification as well as to extend enterprise capabilities and accelerating international expansion. The fundraising comes as the business continues to rapidly develop its product lines and build its presence in existing and new markets.
Noting that five out of six new internet users come online from outside of North America and Western Europe, the unicorn is determined to cash in. It recently launched in eight new countries and says it will arrive in more in the next few months, giving it access to 70% of the global economy.
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.
John Collison, cofounder of Stripe commented in an interview with Thailand Fintech News “ Even now, in 2019, less than eight percent of commerce happens online.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."
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.
The company is also planning to expand its presence in the Asia Pacific region with the opening of offices in India and also Thailand.