Stripe, the US-based payment technology provider backed by corporates Alphabet, Visa and American Express, has closed a $245m funding round led by hedge fund manager Tiger Global Management, Bloomberg reported yesterday.
The round valued Stripe at $20bn, co-founder and CEO Patrick Collison told Bloomberg. It included DST Global, Sequoia Capital, Andreessen Horowitz, Kleiner Perkins Caufield & Byers, Khosla Ventures, General Catalyst and Thrive Capital, according to TechCrunch.
Stripe has developed a mobile-focused payment infrastructure that can be integrated into an online merchant’s existing platform.
The company charges a tiny amount for each transaction that uses the technology, and introduced a point-of-sale hardware device earlier this month. The new product means customers can fuse online and offline sales into a single system.
Stripe will use the new funding to add new tools to its offering and expand internationally. It has signed up several large customers lately according to Bloomberg, including Asia-based ride hailing services Didi Chuxing and Grab.
The valuation is a considerable jump from when Stripe last raised cash, in a $150m round in late 2016 co-led by internet and technology conglomerate Alphabet’s CapitalG unit and General Catalyst that included Sequoia Capital, valuing the company at $9.2bn post-money.
Payment services firms Visa and American Express both contributed to a series D round of undisclosed size for the company the year before which was also backed by Sequoia Capital and General Catalyst.
The series D funding, raised at a $5bn valuation, came after a $70m series C in 2014 backed by Sequoia, General Catalyst, Thrive Capital, Founders Fund and Khosla Ventures at a $3.5bn valuation. Andreessen Horowitz, Redpoint Ventures, SV Angel are all among Stripe’s earlier backers.
Struipe has raised a total of $685m since it was founded in 2010, according to its website. That would place the size of the series D round at about $100m.
