AAA Stripe continues funding streak with $150m

Stripe continues funding streak with $150m

US-based mobile payment technology provider Stripe has raised $150m in a series D round co-led by conglomerate Alphabet, the Wall Street Journal reported on Friday.

Alphabet, which participated through its investment arm Capital G formerly known as Google Capital, co-led the round alongside venture capital firm General Catalyst. VC firm Sequoia Capital and other existing, unnamed backers also took part.

The deal valued Stripe at $9bn pre-investment and $9.2bn post-money, an increase over the company’s $5bn valuation in July 2015 when it secured cash from payment processing firms Visa and American Express in a round that also included Sequoia and General Catalyst.

Additionally, Stripe also obtained a $250m credit facility with financial services firms JP Morgan Chase, Goldman Sachs, Morgan Stanley and Barclays.

Founded in 2010, Stripe has created a payment processing platform for e-commerce merchants, taking a cut on every transaction. The company also offers related tools such as fraud prevention technology.

The latest cash injection will go towards the creation of more development tools, acquisitions, recruitment and the launch of unspecified services to assist entrepreneurs.

Stripe has now received a total of approximately $460m in funding. Sumitomo Mitsui Card Company, a credit card branch of financial services conglomerate Sumitomo Mitsui Financial Group, invested an undisclosed amount last month.

Remaining backers include Thrive Capital, Founders Fund, Khosla Ventures, Andreessen Horowitz, Redpoint Ventures, SV Angel and angel investors such as Elon Musk, founder of electric vehicle manufacturer Tesla.

Leave a comment

Your email address will not be published. Required fields are marked *