Stripe, the go-to payments platform for web developers, has distributed an update on 2021 performance. According to the Fintech, in 2021, the company processed more than $640 billion in payments. This is an increase of 60% from the year prior. Stripe does add the caveat that COVID has helped to juice the growth last year and expectations that the rate of growth won’t be at the same level during 2022.
Stripe added that each day in 2021 1400 companies and 100 nonprofits joined the platform. The majority of new businesses joining Stripe last year came from outside the United States.
As online payments remain just 12% of global spending the company believes there is a lot of runway going forward.
Stripe compiled a list of new features and services incorporated in 2021 including:
- Payment Links: They built this because it became clear that even the small amount of code involved in setting up Stripe can be an impediment in the early days.
- Stripe Tax: Stripe heard how much hassle is entailed in sales tax and VAT. Stripe acquired TaxJar and launched Stripe Tax .
- Stripe Invoicing: An existing product but Stripe said they have made big strides in expanding its global coverage
- Revenue Recognition: Stripe launched Revenue Recognition to help automate the process.
Areas of interest and opportunity include embedded finance – a sector that Stripe believes is pretty antediluvian.
Stripe has scheduled a virtual conference this coming May to share more of the firms’ plans for the future including what is in store for crypto.