Online payment company Stripe Inc. has become the most valuable private startup in the US at US$600 million
Online payment company Stripe Inc. drew US$600 million in its latest fundraising, bringing the startup’s value to US$95 billion and becoming the most valuable private startup in Silicon Valley. The net worth of Stripe's founders, 30-year-old John and 32-year-old Patrick Collison have also more than doubled, with their collective wealth now at US$22.8 billion after the new funding round.
Founded in 2010 by the Irish entrepreneur brothers, the company caught the eyes of investors in 2011 and received their first investment of US$2 million from PayPal co-founders, Elon Musk and Peter Theil, and venture capital firms. Today, Stripe is available in 42 countries, 31 of them located in Europe.
In the past year, Stripe’s value has tripled and was valued even higher than Facebook and Uber before they joined the stock market. The latest valuation also overtook Musk’s SpaceX and Instacart Inc, which are valued at US$74 billion and US$39 billion respectively, according to CBInsights data.
Competing against Square Inc. and Paypal Holdings Inc., Stripe’s software allows businesses of all sizes to accept online payments, send payouts and manage the businesses’ finances online. It’s likely you’ve seen or used Stripe’s services before if you’re a fan of online shopping—some of their big-named customers include Amazon, Salesforce, Deliveroo, Google and Zoom.
After announcing the company’s new valuation on their site, the company also revealed its plans to invest in its European operations, while also expanding its services to businesses in Brazil, India, Indonesia, Thailand and the UAE.
“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.”
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