Adyen’s arch-rival Stripe raises €553M at €33.2B valuation, plans big to grow big in Europe

Stripe, Silicon Valley’s one of the most valuable fintech startups that builds economic infrastructure for the internet, has raised an additional $ 600 million (approx €553 million) in a Series-G round boosting its valuation to $ 36 billion (approx €33.2 billion). The funding round was led by investors, including Andreessen Horowitz, General Catalyst, GV, and Sequoia.

Hiring, geographic expansion, and more on cards!

The company plans to invest further in growing its platform, including – hiring around the world, deepening its software functionality to simplify business, accelerating its geographic expansion, and pursuing strategic initiatives or acquisitions. 

More importantly, the San-Francisco-based company is planning to launch its platform in various countries, including – Bulgaria, Cyprus, the Czech Republic, Hungary, Malta, and Romania. Stripe’s mission is to grow the GDP of the internet, making it easy for companies everywhere to start, run, and scale their business.

Founded by John Collison and Patrick Collison in 2010, Stripe develops software that allows businesses to accept payments online.

On the right path!

With more than $ 2 billion on its balance sheet, a capital-efficient business model, and a highly-diversified, growing, global user base, Stripe is in a position to both provide uninterrupted service to its users in a time of stress and invest in long-term improvements. As per the company claims, the rate of new businesses going live on Stripe has accelerated since the start of the year.

To date, this year, Stripe has added numerous customers, including Caviar, Coupa, Just Eat, Keap, Lightspeed, Mattel, NBC, and Paid. Notably, Zoom Video Communications has joined the list of companies using Stripe to modernize their payments stack and grow internationally.

John Collison, President, and Co-founder of Stripe: 

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 leapt practically overnight. We believe now is not the time to pull back, but to invest even more heavily in Stripe’s platform.

So far, the company has attracted investments from Elon Musk, Peter Thiel, and Google’s venture arm Capital G, among others. The payment powerhouse is headquartered in San Francisco, with offices in Dublin, London, Paris, Singapore, and Tokyo.

Stepping up amid COVID-19 pandemic!

Also, the company is working to help its communities and customers navigate the current pandemic, including Fast-tracking support for telemedicine providers in the US, Simplifying the steps involved in launching a business on its platform, helping established companies pivot to the internet and more. 

In addition to it, the platform is providing fast access to funds through Instant Payouts, Stripe Capital, the Stripe Corporate Card, and helping small businesses access government aid.

Main image credits: Stripe

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