Online payments technology provider Stripe has raised $600 million U.S. in a new round of funding that values the company at $95 billion U.S.
Stripe’s valuation is now three times higher than its last reported valuation of $36 billion U.S. in April 2020. The company, which makes software that allows businesses to accept payments over the internet, intends to invest the new capital in its European operations, the company said in a release.
Thirty-one of the 42 countries that Stripe operates in are located in Europe, and President John Collison singled out Ireland — where the company is headquartered — as a particular area of focus.
Founded more than a decade ago, today Stripe is the most valuable private fintech company.
Stripe has seen eye-popping growth during the pandemic as its revenue is largely tied to growth in online shopping.
In its previous funding round last April, Stripe was early to highlight the Covid-19 outbreak as "pushing the economy online" and said "several years of offline-to-online migration are being compressed into several weeks."
This past December, Stripe launched banking services through partnerships with Goldman Sachs (NYSE:GS), Citigroup (NYSE:C), Barclays and Evolve Bank & Trust.
Despite its current valuation, the company has stayed tight-lipped about the prospect of a Wall Street debut, as John Collison has said several times that the company has "no plans to go public right away."
Primary investors in the new series H round include Allianz, Fidelity, Sequoia Capital and Ireland’s National Treasury Management Agency. Previous investors include Tesla Chief Executive Elon Musk, Peter Thiel, and Alphabet’s late-stage investing arm, Capital G.
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