Stripe, an online payments processor, has raised another $250 million in a new funding round, which brings its valuation to a whopping $35 billion.
On 19th September, Stripe revealed that the additional funding had been sourced from investors including venture capital firms General Catalyst, Sequoia and Andreessen Horowitz.
In 2016, Stripe had a valuation of $9.2 billion, and at the beginning of 2019 this had risen to $22.5 billion. However, after the latest funding round it now stands at $35 billion. Overall, the San Francisco fintech startup has raised roughly $1.2 billion since its inception.
Stripe is also an official partner in Facebook’s Libra project, and said it will use the new funds to accelerate its global reach, develop product offerings, and expand it enterprise capabilities.
A statement from Stripe said: “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.”
John Collison, Stripe’s president and co-founder, also remarked that in 2019 less than 8% of commerce happens online. Stripe plans to help expand that. He said, “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.”
Earlier this month, on 8th September to be exact, Stripe announced the launch of its lending service Stripe Capital for Internet businesses in the United States. Its press release said, “Stripe Capital’s full integration with Stripe means there’s no lengthy application, eligibility is determined quickly, funds hit a user’s Stripe account the next business day, and businesses can repay as they earn. […] In addition to serving Stripe users directly, Stripe will also extend Stripe Capital to its platform partners (such as online store builders and B2B SaaS companies), enabling them to offer their own business users access to smart financing.”