Stripe Valuation Reaches $3.5 Billion after New Funding
Stripe’s road to success is proof that the payments industry is ripe for disruption and open for innovation.
The 3-year-old, payments processing startup is now valued at $3.5 billion after its latest series of funding.
The company started gaining momentum earlier this year after reporting $80 million in Series C funding. Working with large brands such as Twitter and Apple has contributed to the payments provider’s rapid growth.
General Catalyst, Founders Fund, Sequoia Capital, and Thrive Capital are the firms currently investing in the startup. The company claims that it has not yet exhausted its funds from the previous round of funding. No plans have been released on how the newly acquired funds will be allocated or used.
Stripe has set their sights on global expansion, which could be where some of the money will go to for now.
The company’s no-frills approach to business payments solutions has helped catapult its status as a serious competitor in the industry. Stripe offers developer-friendly APIs that are simple, highly customizable, and powerful.
Moreover, the platform is equipped to handle up to 100 different currencies, allowing merchants to transact both locally and internationally with minimal service fees.
Patrick Collison, cofounder of Stripe, said, “We believe that enabling transactions on the web is a problem rooted in code, not finance, and we want to help put more websites in business.”
Stripe’s competitors are not new to the payments space. PayPal, the company’s top competitor, also offers similar services. But unlike the young startup, PayPal is on the other end of payments innovation, offering offline solutions to a wide range of businesses.
“We don’t really see anybody else approaching the problem the way that we do and thinking about building the platform of internet commerce,” Collision mentioned during an interview with Mashable.