Stripe this week said it is raising $250 million in additional funding. This brings the company's new pre-money valuation to $35 billion, a 50 percent jump in its price tag and suggests more growth for the online payments sector, in general. Stripe was valued at $22.5 billion earlier this year when it raised $100 million.
This latest infusion comes from investors that include General Catalyst, Sequoia, and Andreessen Horowitz, among others. Stripe said in a statement that it will use the capital in three key areas: accelerating international expansion; growing its product suite; and extending its enterprise capabilities.
The company was founded in 2010 by two Irish entrepreneurial brothers, John and Patrick Collison, due to their frustrations with online payment systems. This new valuation makes Stripe the most valuable private fintech company in the world and puts it ahead of other well-known Silicon Valley darlings, including Airbnb and SpaceX.
“Every fintech startup aspires to build a product that clients love,” said Matt Burton, who is a partner at QED Investors, in an interview with Forbes. “Stripe has now done this in multiple fintech categories and shows no signs of slowing down.”
In a statement on the funding news, Stripe leaders also said their mission is to grow the GDP of the internet, making it easy for companies everywhere to start, run and scale their business.
“Even now, in 2019, less than eight percent of commerce happens online,” said John Collison, President and Co-founder of Stripe. “We’re investing now to build the infrastructure that’ll power internet commerce in 2030 and beyond. If we get it right, we can help the internet fulfill its potential as an engine for global economic progress.”