$ 95 billion Stripe payments company after a new round of fundraising, becoming the most valuable startup in the United States.
The San Francisco and Dublin-based company said on Sunday that it had raised $ 600 million in new funding from investors including Sequoia Capital, Fidelity Management and National Treasury Authority Ireland. . The investment nearly tripled Stripe’s final valuation of $ 35 billion.
The funding comes amid the rise of adoption of digital tools and services during the pandemic as more and more people live, work and buy online. That has spurred a wave of investment in tech startups as well as prized initial public offerings. Investors priced Airbnb, the recently listed home rental startup, at $ 123 billion. Roblox, a children’s games startup, saw its valuation skyrocket to $ 45 billion when it was listed last week.
Founded in 2010, Stripe builds software that allows businesses to process payments online. As more and more people turned to online shopping during the epidemic, Stripe’s offerings have become in demand. It is the largest of the highly regarded, fast-growing financial technology companies.
Dhivya Suryadevara, Stripe’s chief financial officer, said in an interview that Stripe is currently handling hundreds of billions of dollars in payments each year across 42 countries. “We are in a hyper-growth industry in which the company itself is experiencing super-fast growth,” she said. Ms. Suryadevara declined to share specifics about Stripe’s revenue or growth.
Stripe has been considered a candidate to go public. Coinbase, another financial technology startup, filed for the stock exchange later this month in a transaction that some thought could reach $ 100 billion. Robinhood, a stock exchange app, also saw its value increase during the pandemic.
Stripe said in an announcement that it plans to use the money to expand in Europe, including their offices in Dublin. The founders of the company’s siblings, John Collison, 30, and Patrick, 32, were born in Ireland.
In a statement, John Collison, president of Stripe, said the company will focus heavily on Europe this year. “The growth opportunities for the European digital economy are enormous,” he said.
The company, which begins working with startups and small businesses, will also invest in building more tools to help larger businesses process payments. It counts 50 businesses handling more than 1 billion dollars a year as customers.