About the Fintech App Business
Stripe is a startup app company that provides fintech software for businesses of all sizes to send and receive payment requests from other companies, making managing business finances simpler and easier.
Launched in 2011, the startup company has two headquarters in San Francisco and Dublin, with 14 total global offices. In addition, Stripe claims the fintech app business receives more than 250 million application programming interface, or API, requests per day — 13,000 per second. Furthermore, the startup company website states there are more than 135 supported currencies and payment methods accepted through the fintech software, and 90% of US adults have bought from businesses using Stripe.
Many large corporations use the fintech software from the app business, including Google, Uber, Amazon, Spotify, Lyft, Microsoft, Zillow, Postmates, National Geographic, and Grab, which is expected to go public via a $40 billion special purpose acquisition company, or SPAC, deal.
Today the startup app company announced the business closed a funding round in which the app startup raised $600 million.
$600 Million in Funding
The $600 million funding round gives the startup app company roughly a $95 billion valuation, making it the most valuable startup company in the US. Additionally, this new funding nearly tripled Stripe’s last valuation of $36 billion in April 2020. There are numerous investors in this round, such as Allianz X, Axa, Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital, and Ireland’s National Treasury Management Agency, or NTMA.
Conor O’Kelly, CEO of the NTMA, said, “We are convinced that, despite making great progress over the last 10 years, most of Stripe’s success is yet to come...We’re delighted to back Ireland’s and Europe’s most prominent success story, and, in doing so, to help millions of other ambitious companies become more competitive in the global economy.”
The Financial Times reported that 200,000 new companies in Europe have signed up for Stripe’s platform since the beginning of the pandemic, which has contributed to the immense growth of the business over the last year.
31 of the 42 countries that use Stripe’s fintech software are in Europe, making it a growing market for the company. As a result, Stripe is using the new funding to invest in expanding European operations, as well as “support urging demand from enterprise heavyweights across Europe, and expand its Global Payments and Treasury Network.”
John Collison, president and co-founder of Stripe, said, “Whether in fintech, mobility, retail or SaaS, the growth opportunity for the European digital economy is immense.”
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.