Stripe Valuation Hits $95 Billion With Second-Stage Funding
Financial services and payment platform Stripe, used by millions of companies worldwide to accept payments, pay vendors and manage business operations, just became one of the world’s most valuable startups. A new funding round secured $600 million from investors including Ireland’s National Treasury Management Agency, Allianz SE, AXA Baillie Gifford & Co. and Fidelity Investments, The Wall Street Journal reports. Stripe is now valued at $95 billion, which exceeds the value of other startups, including Instacart, that also benefited from the pandemic, although Chinese fintech Ant Group Co. still leads the pack globally.
As a payment processing platform that serves other high-tech startups that boomed during the pandemic, including DoorDash, Shopify and Wayfair, Stripe has thrived along with the companies that rely on it. “We’re bigger now than the entire ecommerce [market] was when we first started Stripe,” Dhivya Suryadevara, Stripe’s chief financial officer, told The Wall Street Journal.
The company has expanded its platform to include banking services, enabling customers to send, receive and store money by integrating Stripe Treasury software onto Stripe’s platform via an application programming interface, Reuters reports. Stripe has partnered with Goldman Sachs, Citigroup and Barclays, three of the largest financial institutions in the U.S. and across the world, to provide these services. Stripe Treasury is available by invite only at this time, according to the Stripe website.
Stripe will bulk up its European business with the second-stage funding. The company, based in San Francisco, recently named Dublin, Ireland, as its second headquarters and added Mark Carney, prior Bank of England governor, to the board of directors, according to The Wall Street Journal. Clearly, it’s not just the company’s bankroll that’s expanding.
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