Online payments processor Stripe announced that it has raised another $250 million in a new funding round, which pushes its pre-money valuation to a whopping $35 billion.
$250 million to expand its global reach
On Sept. 19, Stripe announced in a press release that the company has raised $250 million in additional funding from investors, which include venture capital (VC) firms General Catalyst, Sequoia and Andreessen Horowitz.
Coming from a $9.2 billion valuation in 2016, the San Francisco-based Stripe was valued at $22.5 billion after raising $245 million in the beginning of 2019. Overall, the U.S. fintech startup has raised roughly $1.2 billion since its inception.
The company, which is also one of the official partners of Facebook’s cryptocurrency project Libra, said it will use the new funds to accelerate global reach, grow product offerings, and extend enterprise capabilities. Stripe added:
“With 5 out of 6 new internet users coming online from areas outside of North America and Western Europe, Stripe has invested heavily in expanding to new markets. Stripe recently launched in eight additional countries and will be expanding to more in the coming months; this will bring the total to 40 countries covering 70% of the global economy, with many more launches planned for 2020.”
John Collison, President and Co-founder of Stripe, said that even in 2019, less than 8% of commerce happens online, adding:
“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’s lending service Stripe Capital
As Cointelegraph reported on Sept. 8, Stripe announced the launch of its lending service Stripe Capital for the internet businesses in the United States. The press release stated:
“Stripe Capital’s full integration with Stripe means there’s no lengthy application, eligibility is determined quickly, funds hit a user’s Stripe account the next business day, and businesses can repay as they earn. […] In addition to serving Stripe users directly, Stripe will also extend Stripe Capital to its platform partners (such as online store builders and B2B SaaS companies), enabling them to offer their own business users access to smart financing.”