Payments platform Stripe announced on Thursday its Stripe Issuing, which is an API that allows users to create and control virtual and physical cards, is now open to all U.S. businesses. According to Stripe, Stripe Issuing was created to help businesses manage how funds get spent.
Stripe explained that Issuing has no setup or monthly fees and virtual cards are 10¢ per card and branded physical cards shipped are $3 per card. Stripe is waiving transaction fees for the first $500,000 in transaction volume and, after that, each card transaction costs 0.2% + 20¢.
The change with Stripe Issuing comes just one week after Stipe announced it is raising an additional $600 million from investors, which includes Andreessen Horowitz, General Catalyst, GV, and Sequoia. Stripe reported the investment round’s fund will be used to invest further in growing its platform, which also includes continuing to hire around the world; deepening its stack of software functionality to simplify online business; accelerating its geographic expansion (with upcoming launches in Bulgaria, Cyprus, the Czech Republic, Hungary, Malta, and Romania), and pursuing strategic initiatives or acquisitions.
Founded in 2010, Stripe describes itself as a technology company that builds “economic infrastructure” for the internet. The platform revealed:
“Stripe helps new companies get started and grow their revenues, and established businesses accelerate into new markets and launch new business models. Over the long term, Stripe aims to increase the GDP of the internet.”