Stripe, a payments powerhouse headquartered in San Francisco which builds economic infrastructure for the internet, is now raising $250 million in additional funding. Thisis a new pre-money valuation of $35 billion—from investors including General Catalyst, Sequoia, and Andreessen Horowitz, among others.
Stripe will use the capital to accelerate its growth in three key areas including, accelerating international expansion; growing its product suite; and extending its enterprise capabilities.
Expanding global reach
With 5 out of 6 new internet users coming online from areas outside of North America and Western Europe, Stripe has invested heavily in expanding to new markets. Stripe recently launched in eight additional countries and will be expanding to more in the coming months; this will bring the total to 40 countries covering 70% of the global economy, with many more launches planned for 2020.
Deepening product stack
Stripe has built a programmable infrastructure for global money movement, the Global Payments and Treasury Network (GPTN), and a growing roster of products and services atop that foundation, including Connect, Billing, Terminal, and Radar.
Last week, Stripe announced new products including Stripe Capital, to give businesses easier access to funds; the Stripe Corporate Card, to manage their corporate spending; instant payouts to all US Stripe accounts; and more.
Stripe will continue to invest heavily in the GPTN, as well as our suite of additional software and services, to help our users around the world grow their own companies faster.
Operating at significant scale and extending enterprise capabilities
Stripe processes hundreds of billions of dollars a year for millions of businesses worldwide, including now Wayfair, Twilio, GitHub, and The RealReal. Our user base is expanding to both ends of the spectrum: on one end, entrepreneurs continue to choose Stripe as the easiest way to start an internet business; and on the other, complex international enterprises are increasingly trusting Stripe with core payment processing. Serving both ends of the continuum ensures that Stripe provides the most powerful functionality to the youngest high-potential companies, while also providing the most forward-thinking technology to the largest and most established businesses.
“Even now, in 2019, less than eight percent of commerce happens online,” said John Collison, President and Co-founder of Stripe. “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.”
Stripe’s mission is to grow the GDP of the internet, making it easy for companies everywhere to start, run and scale their business.
— Press release
Stay tuned to Silicon Canals for more European technology news.
Also read,
Blue Tulip Awards: Registrations are now open for the biggest innovation awards of 2020
