Fintech firm Stripe, an Irish-American payment processing service, has secured $600 million (appr. €500 million) through a funding round. Stripe is now valued at around $95 billion (appr. €80 billion).
Investors that took part in Stripe’s investment round include Allianz X, Axa, Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital, and Ireland’s National Treasury Management Agency (NTMA).
The Fintech firm stated that it will use the funds raised to make investments in its European business operations. Stripe also said it would be focusing on its Dublin head offices, and will provide additional support to cater to growing demand from enterprises based in Europe. Stripe will also be focused on growing its Global Payments and Treasury Network.
Out of the 42 different countries in which Stripe currently offers services, 31 are based in Europe. Many of Europe’s most prominent and fastest-growing firms are now developing solutions on the platform.
John Collison, President and Co-founder at Stripe, remarked:
“We’re investing a ton more in Europe this year, particularly in Ireland. Whether in fintech, mobility, retail or SaaS, the growth opportunity for the European digital economy is immense.“
Mike Clayville, Stripe Chief Revenue Officer at Stripe, stated:
“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. 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 has created programmable infrastructure for moving funds globally. It’s called the Global Payments and Treasury Network. Stripe also offers other products such as Billing, Capital, Connect, Issuing, Radar, Terminal and Treasury-related services.
This year, Stripe plans to further develop its Global Payments and Treasury Network. The company also aims to substantially increase its revenue.
Stripe services will soon be offered to many more businesses and companies based in Brazil, India, Indonesia, Thailand and the United Arab Emirates.