Started by brothers Patrick and John Collison, the online payment empire, Stripe is valued at $95 billion after its recent huge fundraising. These figures make the firm to stand out as the most valuable private business of the Silicon Valley. With dual headquartered in San Francisco and Dublin, Stripe raised $600 million from its investors, including Allianz X, Ireland’s sovereign wealth fund (NTMA), Axa, Fidelity Management & Research Company, Baillie Gifford and Sequoia Capital. Stripe was valued at $36 billion last April and its funding has tripled since then.
Within a little more than a decade since Stripe was developed as a tech startup, it has developed into a vital cog in the global digital economy. The company provides payment and e-commerce solutions to the customers of Google, Uber, Amazon, Spotify, Deliveroo and Peleton. The COVID-19 pandemic has further elevated the transition from physical to online payments. It proved as a major pushing force for the company. The Collison brothers tapped $600m from the investors to fund the further expansion boosting company’s valuation to a whopping figure of $95 billion.
The company wants to emerge as the “programming language for money”. Its main focus is to develop a payment infrastructure to a website or app that is as easy as changing the background color or simply logging with their Facebook accounts. The basic concept was that the developers could add the payment mechanism to their website with just seven lines. Users were unaware of stripe and they continued to make payments using existing platforms like PayPal, Apple Pay, and other similar competitors. Other than just making online payments, Stripe also offers its users the latest anti-fraud tools. Complex invoicing services and recurring subscriptions.
Moreover, the organization has big plans in European countries. Patrick and John Collison had decided to utilize the new money to invest in its European, and its Dublin office specifically. A great move for catering to the “surging demand” across Europe, which is home to 31 of the 42 countries the company operates in. Stripe’s largest European clients are Jaguar Land Rover, Waitrose, Mountain Warehouse, Klarna, and Deliveroo.
Stripe saw extraordinary development a year ago because of a rise in digital payment during the COVID-19 pandemic. With this new round of funding, the organization needs to put more into its European operations and grow its worldwide payment and depository organization. It’s likewise putting resources into infrastructure that will help it shape online payment solutions for the following decade.