Stripe valued at $22.5bn after $100m follow-on fundraise

Investment from Tiger Global comes months after Stripe secured $245m from same firm

Stripe chief executive and co-founder Patrick Collison: “We’re building Stripe for the long-term.”

Stripe chief executive and co-founder Patrick Collison: “We’re building Stripe for the long-term.”

 

Stripe, the fast-growing online payments company founded by the Limerick-born Collison brothers, has raised $100 million (€87 million) in a follow-on funding round.

The latest investment, from Tiger Global, comes just four months after Stripe secured $245 million in a round led by the same company. The follow-on fundraise values Stripe at $22.5 billion.

“Stripe is rapidly scaling internationally, as well as extending our platform into issuing, global fraud prevention and physical stores with Stripe Terminal. The follow-on funding gives us more leverage in these strategic areas,” a spokesman for the company said.

Stripe currently operates in 25 countries, and is intent on building a distributed global engineering team. It has hubs in San Francisco, Seattle, Singapore and Dublin, the last of which opened recently.

Founded by John and Patrick Collison in 2009, Stripe employs more than 1,000 people worldwide and handles billions of dollars in transactions each year.

Payment processing

The company offers payment processing services for online and mobile transactions. It supports credit card payments in more than 130 currencies, bank transfers, Alipay and WeChat Pay.

Stripe started off securing relatively small clients but now counts large companies such as GE, Adidas, Docusign, Slack, Nasdaq, Macy’s and the NFL among its customers.

Chief executive Patrick Collison has also announced the appointment of Diane Greene to the company’s board. Ms Greene previously co-founded and ran VMware, and was until recently was chief executive of Google Cloud.

Other board members include Michelle Wilson, a former senior Amazon executive, Jonathan Chadwick, who was previously chief finance officer at Skype, and Michael Moritz, a partner at Sequoia Capital who has previously led deals for the likes of Google, PayPal and Yahoo.

“We’re building Stripe for the long-term,” Mr Collison said in a tweet announcing Ms Greene’s appointment. “We’re lucky to do so alongside a roster of detail-oriented directors who think that infrastructure revolutions can compound for decades and that operational excellence can be a surprisingly durable competitive advantage.”