Payments company Stripe has been valued at a staggering $95bn (£68bn) after its latest round of funding, making it the most valuable startup in the US. The company raised $600m in the round with primary investment coming from Allianz X, AXA, Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital, and Ireland’s National Treasury Management Agency (NTMA).
Stripe intends to use some of the funds to invest in its European operations, with a particular focus on its second headquarters in Dublin, Ireland.
Of the 42 countries where Stripe operates, 31 of them are in Europe. And it has recently welcomed some big names from the continent as customers, including Axel Springer, Jaguar Land Rover, Maersk, Metro, Mountain Warehouse, and Waitrose.
“We’re investing a ton more in Europe this year, particularly in Ireland,” said John Collison, President and Co-founder of Stripe. “Whether in fintech, mobility, retail or SaaS, the growth opportunity for the European digital economy is immense.”
Stripe will also look to use the capital to support demand from large enterprises across Europe – with enterprise revenue now the company’s largest and fastest growing segment.
“In 2021, we will double down on our enterprise capabilities, particularly our customer success teams, to help even more large businesses like Twilio or Zapier significantly increase their revenue,” said Mike Clayville, Stripe’s Chief Revenue Officer. “We will also invest in our global expansion to help companies such as Glofox or MatchesFashion increase their market opportunity. And through partnerships with enterprise solutions like Salesforce Commerce Cloud we will make it even easier for large multinationals around the world to switch to Stripe.”
Finally, Stripe intends to use the funds to expand its Global Payments and Treasury Network, which is a programmable infrastructure for global money movement. It will expand its suite of software and services and will soon make the network available to businesses in Brazil, India, Indonesia, Thailand, and the United Arab Emirates.
“We’re investing in the infrastructure that will power internet commerce in 2030 and beyond,” said Dhivya Suryadevara, Stripe’s Chief Financial Officer. “The pandemic taught us many things about society, including how much can be achieved – and paid for – online, but the internet still isn’t the engine for global economic progress that it could be. We’re laser focused on helping ambitious businesses grow faster. While Stripe already processes hundreds of billions of dollars per year for millions of businesses worldwide, the opportunity ahead is much larger for Stripe than it was when the company was started 10 years ago.”