Stripe wins more corporate customers, announces Salesforce deal

Fast-growing company’s solutions in demand during coronavirus pandemic

Stripe founders John and Patrick Collison

Stripe founders John and Patrick Collison

 

Online payments company Stripe has more than 40 large companies that process over $1 billion (€856 million) annually as customers, it said on Wednesday.

The news comes as the company founded by Limerick-born brothers John and Patrick Collison announced a new partnership with Salesforce. The customer relationship management (CRM) giant said it is will integrate Stripe’s technology into its Commerce Cloud Payments solution.

It is an important win for Stripe, whose solutions initially found favour with start-ups but which has increasingly been winning big corporate customers as well.

Launched in 2010, Stripe’s technology handles hundreds of billions of dollars in transactions each year and now counts the likes of Amazon, Uber, Booking. com, Deliveroo and Google among its customers.

The company has seen a significant increase in business since the start of 2020, with video conferencing group Zoom, Just Eat, Lightspeed, Mattel, and NBC among its new clients.

Stripe last month revealed that businesses launched on its software platform since Covid-19 lockdowns began in March have generated close to $10 billion in revenues to date.

The company also said on Wednesday is has been named as a leader in the global merchant payment providers sector by Forrester, a recognition that should enable it to lure in even more big name customers.

Both ends of market

“Stripe is the only infrastructure company serving both ends of the market, from brand new start-ups to Fortune 500 companies. This enterprise accolade is a testament to the hard work of thousands of Stripes who have been laser focused on delighting customers, expanding global coverage, and shipping hundreds of new features every year,” commented Mike Clayville, chief revenue officer at Stripe.

“Many of our enterprise customers are huge category leaders-each one is a global giant processing more than a billion dollars annually-and they’re going all in on Stripe to move quickly at immense scale,” he added.

Stripe, which has a post market valuation of nearly $36 billion after raising an additional $600 million from backers earlier this year, last month announced it had lured Dhivya Suryadevara away from General Motors to become its new chief financial officer.

The company employs more than 2,800 people, including more than 300 in Ireland.