Online payment platform Stripe has become Silicon Valley’s most valuable private company with its latest round of funding.
The company announced on Sunday that it had raised $ 600 million from Allianz X, Axa, Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital and the Irish National Treasury Management Agency (NTMA), bringing its valuation to $ 95 billion.
As noted by the Financial Times, the 11-year-old company surpassed the valuation of Facebook and Uber before their IPO. Compared to other private startups, Stripe runs the Robinhood trading platform, which is currently valued at $ 11.7 billion, with a huge margin.
Stripe raised a $ 600 million round last April that valued the payment company at $ 35 billion.
The company offers businesses an easy way to integrate payment solutions into their websites, just like PayPal. Stripe has received praise for its developer-friendly tools and easy onboarding methods. A ton of big companies, including Amazon, Github, Yelp, Spotify, and Uber, use the company’s solutions to process payments.
Stripe saw strong growth last year due to an increase in digital payments due to the COVID-19 pandemic. As the FT noted, the company has added more than 200,000 European businesses to the platform since the start of the pandemic, processing nearly 5,000 requests per second.
With this new round of financing, the company wants to invest more in its European operations and expand its global payments and treasury network. It is also investing in an infrastructure that will help it shape online payment solutions for the next decade.
Published March 15, 2021 – 08:18 UTC