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Stripe raises $250m at $35bn valuation

Stripe raises $250m at $35bn valuation

Payments juggernaut Stripe is now valued at $35 billion thanks to a $250 million funding round joined by General Catalyst, Sequoia, and Andreessen Horowitz.

The valuation sees Stripe increase its valuation by $12.5 billion since its last funding round in January. Only Juul LAbs and We Co are now more valuable startups in the US, according to Bloomberg.

Founded in 2010 by Irish brothers Patrick and John Collison, Silicon-Valley-based Stripe has built itself up into a multi-billion dollar company off the back of making it easy for online sellers to accept card payments. The firm has built up an impressive list of clients, with a stable of users ranging from one-man web stores to giants such as Google.

Recently it has been working to build out its product suite and just this month launched a corporate credit card and a lending service.

The latest funding will be used to continue this product diversification as well as to extend enterprise capabilities and accelerating international expansion.

Noting that five out of six new internet users come online from outside of North America and Western Europe, the unicorn is determined to cash in. It recently launched in eight new countries and says it will arrive in more in the next few months, giving it access to 70% of the global economy.

“Even now, in 2019, less than eight percent of commerce happens online,” says John Collison. “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."

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