By Oliver Smith on Friday 20 September 2019
A $250m injection for Stripe’s global expansion.
Leading venture capital investors including General Catalyst, Sequoia and Andreessen Horowitz have ploughed cash into payments giant Stripe at a record-breaking valuation.
Last night Stripe revealed its latest $250m funding round had been secured at a pre-money valuation of $35bn—positioning it as the world’s most valuable private fintech company.
“Even now, in 2019, less than eight per cent of commerce happens online,” said John Collison, President and Co-Founder of Stripe.
“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 is now valued at more than Airbnb, SpaceX, or WeWork which reportedly slashed its valuation to $10bn in the run-up to its now-delayed IPO.
The cash will be used in three key areas, to accelerate international expansion, grow Stripe’s product range, and expand Stipe’s enterprise offering for bigger corporate customers.
Earlier this month Stripe announced its expansion into eight additional European countries, the launch of a Stripe corporate credit card in the US, and the creation of a new lending arm, Stripe Capital, to offer working capital to its customers
With its funding announcement, Stripe today said its mission is to “grow the GDP of the internet” by helping companies to start, run and scale online