The San Francisco based payments platform Stripe is mounting the gradation of being the most highly valuable Silicon firms.
On Thursday, the Fintech start-up announced a further $250mn funding round, bringing its worth to a whopping $35bn. This makes Stripe the third most valued startup in the US after Airbnb and Palantir Technologies.
According to Stripe, the raised sum of $250mn will be utilized to expand across the globe as well as unveil new products. General Catalyst, Andreessen Horowitz and Sequoia Capital and other investors participated in the round. The previous valuation of Stripe was $23bn.
Stripe basically develops software which lets businesses accept payments through the internet. The company processes these payments for a huge list of firms, including Shopify, Lyft and Airbnb. It earns by taking over a part of every transaction.
Founded in the year 2010 by Patrick Collison and John Collison, Stripe’s latest round has drastically increased its valuation. This valuation climb comes in at a time when a few high-profile technology startups have scuffled in the markets.
Lyft and Uber, which listed their shares publicly in 2019, are trading lower than the IPO price. On the other hand, the troubled We Co. has postponed its this year’s public offering. In fact, the market value of WeWork has been a matter of concern for the investors.
John Collison informed that the firm does not have any plans for an IPO currently. Stripe is happy to remain as an independent firm, he continued, saying that it’s quite early for this opportunity.
Meanwhile, Stripe launched an all-new Corporate credit card as well as a lending arm known as Stripe Capital previously in September. The goal of Stripe Capital is to help online firms borrow money in order to expand their businesses.
Wall Street Journal was the first to report about Stripe’s new cash injection.