Stripe, the US-based digital payment technology provider backed by internet technology group Alphabet and payment services firms Visa and American Express, secured $250m in funding yesterday at a $35bn pre-money valuation.
Venture capital firms General Catalyst, Sequoia Capital and Andreessen Horowitz were among the participants in the round, along with undisclosed others. It increased Stripe’s overall funding to approximately $1.04bn.
Stripe provides software that enables organisations to accept payment online and manage their businesses more effectively by analysing revenue, expanding their finance internationally and preventing fraud.
The latest funding follows several initiatives launched by Stripe this month, including the introduction of a business financing scheme called Stripe Capital, the release of a corporate digital payment card and an expansion into eight more European markets.
John Collison, Stripe’s co-founder and president, said: “Even now, in 2019, less than 8% of commerce happens online. We are investing now to build the infrastructure that will power internet commerce in 2030 and beyond. If we get it right, we can help the internet fulfil its potential as an engine for global economic progress.”
The company’s last funding came through a $100m investment by Tiger Global Management in January this year that valued it at $22.5bn.
The January deal followed $245m from Tiger Global, Andreessen Horowitz, General Catalyst, Sequoia, Kleiner Perkins Caufield & Byers, Khosla Ventures, DST Global and Thrive Capital in September 2018 at a $20bn valuation.
General Catalyst and Alphabet unit Capital G co-led Stripe’s $150m series D round in 2016, investing alongside Sequoia and undisclosed other backers at a $9bn pre-money valuation, after Visa, American Express, Sequoia Capital and General Catalyst supplied an undisclosed amount in a 2015 round valuing it at $5bn.
Sequoia, General Catalyst, Thrive Capital and Andreessen Horowitz were all earlier investors in the company, as were Founders Fund, Khosla Ventures, Redpoint Ventures, SV Angel, Peter Thiel, Elon Musk, Elad Gil, Chris Dixon and Aaron Levie.
