Stripe’s valuation has risen to $95 billion after a $600 million funding round.
Stripe’s valuation soared to $95 billion after it took advantage of an ecommerce boom with a round of funding that vaulted it past Elon Musk’s SpaceX as the most successful U.S. startup.
Stripe is now worth more than any euro zone bank, with a market capitalization of $95 billion.
Stripe, which was founded in 2010 by Irish brothers Patrick and John Collison when they were barely out of their teens.
Stripe is used by more than 50 businesses to collect payments and bill customers, with each company processing over $1 billion annually.
Google, Uber, and Amazon, as well as shipping giant Maersk and Jaguar Land Rover, are among its clients.
Units of Allianz SE, AXA SA, Baillie Gifford, Fidelity Management & Research Co, Sequoia Capital, and Ireland’s sovereign wealth fund participated in the company’s new funding, which raised $600 million.
Stripe said it will use the funds to expand its global payments and treasury network.
As well as invest in its European activities, which include 31 of the 42 countries in which it operates.
Stripe Chief Financial Officer Dhivya Suryadevara said, “The pandemic taught us many things about society, like how much can be done and paid for online.”
“While Stripe processes hundreds of billions of dollars each year for millions of companies around the world, the market ahead is far bigger than it was when the company was established ten years ago.”
Stripe was created after the pair left Limerick to study at Harvard University and the Massachusetts Institute of Technology.
Stripe, which raised $850 million in equity last month, exceeded the $74 billion valuation of Elon Musk’s firm SpaceX.
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