Stripe Becomes Most Valuable US Startup
The online payment processing company Stripe saw its valuation surge to $95 billion after it raised $600 million in a recently-concluded funding round. That makes Stripe the most valuable startup in the US.
Businesses use Stripe’s software to process payments. Its main competitors are Paypal and Square, while some of the company’s top customers include Amazon and Lyft. Like other payment providers, a shift towards online shopping fuelled Stripe’s growth and attracted more investors. This trend has only been accelerated by the coronavirus pandemic.
In an official statement, Stripe unveiled plans to use the new round of funding to expand its European operations and invest in its Dublin headquarters. Out of the 42 countries where Stripe currently powers businesses, 31 are in Europe.
In the same announcement, the company revealed that its services will soon be available to millions of businesses in Brazil, India, Indonesia, Thailand, and the UAE. All of them are eagerly waiting to adopt this payment platform for their e-Commerce business.
Stripe has an impressive number of industry leaders as customers, with 50 of them processing more than $1 billion through the platform. Its enterprise revenue is its main segment and is nearly tripling each year.
The company recently started providing checking accounts to its customers and is working with banks such as Goldman Sachs and Citigroup.