Renowned Payment Giant, Stripe Raises $600 Million
Stripe, the San Francisco-based technology company and payments unicorn has raised a big round of worth $600 million in Series G funding round at a valuation of $36 billion. The new round has been led by a number of company’s existing investors including General Catalyst, Andreessen Horowitz, Sequoia and GV. With this new round, the platform has raised a total of $1.6 billion, to date, since it was founded in 2009.
Stripe has decided to use the new fund in order to continue investing in product development, further global expansion and strategic initiatives. The company has also disclosed that it currently has $2 billion on its balance sheet. According to the company, it had received a $250 million investment in Series G funding back in September 2019 with which the platform had valued to $35 billion and the new round is an extension to that round.
Stripe had started its journey by providing an easy to use API-based payments service for startups to use in their online or app-based payment services. Since that time, the firm has continued to increase the size of its customers alongside overall growth of its customer base. Today, the payment giant has a long list of customers including Caviar, Lightspeed, NBC, Zoom, Just Eat, Paid, Coupa, Mattel, and Keap.
John Collison, the President and Co-founder of Stripe states, “People who never dreamt of using the internet to see the doctor or buy groceries are now doing so out of necessity. And businesses that deferred moving online or had no reason to operate online have made the leap practically overnight. We believe now is not the time to pull back, but to invest even more heavily in Stripe’s platform.”
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