Online payment processing company Stripe has raised $600 million in Series H funding, nearly tripling its valuation in under a year to $95 billion, according to data from Pitchbook.
With a mission to “grow the GDP of the internet,” Stripe plans to use the new funding to invest in its European operations, continue to build out its Global Payments and Treasury Network and expand services in a host of markets including 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, CFO of Stripe in a statement. “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.”
“We’re investing a ton more in Europe this year, particularly in Ireland,” said John Collison, President and Co-founder of Stripe in a statement. “Whether in fintech, mobility, retail or SaaS, the growth opportunity for the European digital economy is immense.”
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Of the 42 countries in which Stripe operates, 31 are in Europe. A sampling of Stripe’s client roster on the continent includes Axel Springer, Jaguar Land Rover, Maersk, Waitrose, Deliveroo, Klarna and N26.
The company reports that enterprise revenue is now its largest and fastest-growing segment, having more than doubled year over year.
“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, Chief Revenue Officer at Stripe in a statement. “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.”
Stripe will continue to build out its programmable infrastructure for global money movement, called the Global Payments and Treasury Network, which includes a diverse roster of products and services in addition to its core payment offerings. These include tools to facilitate billing, financing, the creation of branded credit cards, fraud prevention, POS services and a banking-as-a-service API that allows companies to embed financial services within their own platforms.
Primary investors in the Series H round include Allianz X, Axa, Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital and Ireland’s National Treasury Management Agency. The company has raised $2.4 billion to-date, according to Financial Times, but has not yet announced any plans to go public.
