Monday, 15 March 2021 13:01

Stripe raises $733 milion in latest funding round to support global expansion Featured

By
John Collison, President and co-founder of Stripe John Collison, President and co-founder of Stripe

Internet payments software provider Stripe has raised $733 million (US$600m) with completion of a funding round, with the capital to be used for investment in its European operations and to expand its Global Payments and Treasury Network to support what it says is “surging demand” from enterprise heavyweights.

Stripe says the funding round gives it an Australian dollar valuation of $122 .4 billion (US95b).

Primary investors in the funding raise include Allianz X, Axa, Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital, and Ireland’s National Treasury Management Agency (NTMA).

According to Stripe, enterprise revenue is now both the company’s largest and fastest growing segment, more than doubling year over year.

“We’re investing a ton more in Europe this year, particularly in Ireland,” said John Collison, President and co-founder of Stripe. “Whether in fintech, mobility, retail or SaaS, the growth opportunity for the European digital economy is immense.“

“In 2021, we will double down on our enterprise capabilities, particularly our customer success teams, to help even more large businesses like Twilio or Zapier significantly increase their revenue,” said Mike Clayville, Stripe’s Chief Revenue Officer.

“We will also invest in our global expansion to help companies such as Glofox or MATCHESFASHION increase their market opportunity. And through partnerships with enterprise solutions like Salesforce Commerce Cloud we will make it even easier for large multinationals around the world to switch to Stripe.”

“We’re investing in the infrastructure that will power internet commerce in 2030 and beyond,” said Dhivya Suryadevara, Stripe’s Chief Financial Officer.

“The pandemic taught us many things about society, including how much can be achieved—and paid for—online, but the internet still isn’t the engine for global economic progress that it could be. We’re laser focused on helping ambitious businesses grow faster. While Stripe already processes hundreds of billions of dollars per year for millions of businesses worldwide, the opportunity ahead is much larger for Stripe than it was when the company was started 10 years ago.”

“Stripe is an accelerator of global economic growth and a leader in sustainable finance. We are convinced that, despite making great progress over the last 10 years, most of Stripe’s success is yet to come” said Conor O’Kelly, CEO of NTMA.

“We’re delighted to back Ireland’s and Europe’s most prominent success story, and, in doing so, to help millions of other ambitious companies become more competitive in the global economy.”

“Most people underappreciate Stripe’s global scale and leading ability to serve the most complex enterprise customers,” said Timothy Chiodo Head of Payments and Fintech Research at Crédit Suisse.

”Stripe’s global scale and market reach continues to expand and they are a now a leader (and gaining meaningful share) in the enterprise segment.”


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