Hedge fund manager Tiger Global Management has invested $100m in Stripe, a US-based payment technology producer backed by corporates Alphabet, Visa and American Express, The Information reported yesterday.
The funding was provided at a $22.5bn valuation, a person close to the company told The Information, adding that it will be used to support international growth. The deal increased the total raised by Stripe to $785m to date.
Founded in 2010, Stripe has built a mobile platform that enables online merchants to accept payments and oversee their businesses more effectively by providing assistance with functions such as fraud detection, revenue management and international expansion.
The company operates out of nine offices worldwide and its corporate customers include Google, Facebook, Amazon, Microsoft, Salesforce and Uber.
Tiger Global also led Stripe’s last round in September 2018, when it raised $245m at a $20bn valuation from investors that also included Andreessen Horowitz, Sequoia Capital, Kleiner Perkins Caufield & Byers, Khosla Ventures, DST Global, General Catalyst and Thrive Capital.
Alphabet subsidiary CapitalG had co-led a $150m series E round for the company in 2016 with General Catalyst, investing alongside Sequoia Capital at a $9.2bn post-money valuation.
Stripe had received approximately $100m in series D funding from payment services providers Visa and American Express, Sequoia Capital and General Catalyst the previous year.
Sequoia and General Catalyst both took part in the series D round as existing backers, and the company’s earlier investors include Thrive Capital, Andreessen Horowitz, Khosla Ventures, Redpoint Ventures, SV Angel and Founders Fund.
