Stripe lands $250m funding, creates $35bn fintech startup

Stripe funding round : US online payments company Stripe has raised $250 million in new funding round, creating a fintech company with an enterprise value of $35 billion, as per the latest fintech industry news.

The US online payments company, which was founded in 2011, will use the proceeds to expand its global presence, increase its suite of products, and improve its capabilities.

Investors taking part in the latest Stripe funding round

Investors of the latest Stripe funding round include US venture capital firms General Catalyst, Sequoia, Andreessen Horowitz, and others.

Stripe funding history

In September 2018, Stripe raised $245 million in a funding round from the likes of from Tiger Global Management, DST Global, Sequoia, to take its enterprise value to $20 billion. The proceeds from the Stripe funding round was used for the company’s global expansion and product development.

Stripe global expansion

Recently, the US fintech company launched in eight additional countries, namely Estonia, Greece, Latvia, Lithuania, Poland, Portugal, Slovakia, and Slovenia.

With many more planned launches next year, Stripe is planning to extend its services to 40 countries covering 70% of the world economy.

The US online payments company offers Global Payments and Treasury Network (GPTN), and services such as Connect, Billing, Terminal, and Radar.

New products of the US fintech company include Stripe Capital for easier business funds and the Stripe Corporate Card for corporate spending and instant payouts to all US Stripe accounts.

To help global clients grow their companies, the payments infrastructure company will continue to invest in the GPTN, software and services.

Commenting on the latest Stripe funding round, John Collison – president and co-founder of Stripe, said: “Even now, in 2019, less than eight percent of commerce happens online.

“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 biggest clients

Stripe biggest clients include Wayfair, Twilio, GitHub, and The RealReal, and its mission is to grow the GDP of the internet.

Stripe product launch

Earlier this month, Stripe launched the Stripe Corporate Card, a Visa credit card for internet businesses. The latest Stripe product launch means that US businesses and platforms can execute payouts to recipients across 45 countries in local currencies and through local bank networks.

Prior to that, the US online payments company launched a new product called Stripe Capital in early September which is designed to help internet companies easily and quickly access the funds they require.