Mere months after generating a $245 million funding round led by Tiger Global Management, payment infrastructure company Stripe has secured another $100 million from the investment firm, boosting its valuation to $22.5 billion.
The new funding will help the payment company expand its international reach. While Stripe is presently live in 25 countries, the company is building a distributed global engineering team. Stripe has already opened a fourth engineering hub in Singapore to complement its San Francisco, Seattle and Dublin locations.
Additionally, Stripe is seeking to add various payment capabilities, such as issuing credit cards and preventing global fraud through its Radar for Fraud Teams platform. Stripe launched Stripe Issuing in July 2018 to help online businesses and platforms create their own credit or debit cards using just a few lines of code. The company deployed more than 3,200 new versions of its core API as of October 2018.
While Stripe built its business on developing e-Commerce payment software, the company also recently unveiled a brick-and-mortar platform, Stripe Terminal. The POS platform is designed to enable online retailers to scale into physical retail more quickly, equipped with a customized checkout experience and connected devices across multiple locations. The company also is trialing a cash advance service that is similar to what PayPal and Square offer users.
The funding round was first reported by The Information on the same day Stripe announced former Google Cloud CEO Diane Greene joined its Board of Directors.
Other investors in Stripe include billionaires Peter Thiel and Elon Musk, as well as investment firms Andreessen Horowitz, DST Global, Google’s venture arm Capital G, Sequoia Capital and Kleiner Perkins, reported CNBC, citing data from PitchBook.