PayTech firm Stripe valued at $20bn
Written by Hannah McGrath
Stripe, the payments technology firm, has been valued at $20 billion after its latest funding round raised $245 million.
The US FinTech rival of PayPal which was founded in 2010, announced that it would use the money, raised by Tiger Global along with DST Global and Sequoia, to fuel rapid expansion of the business and its engineering talent base internationally, particularly in Asian markets.
Stripe chief executive and co-founder Patrick Collison said he believes in the contingency of progress, adding that “better global payments infrastructure will increase economic output, encourage entrepreneurship, and help upstarts compete with incumbents”.
He added: “By bringing Stripe into more markets and building out our capabilities for companies of all sizes, we hope to accelerate innovation around the world.”
Stripe , which is live in 25 countries, says its technology facilitates online payments for more than one million e-commerce and services companies in more than 100 countries.
Yesterday it confirmed it has added major tech firms Google, Spotify, Mindbody and Uber to its roster of clients.
Stripe has worked on extending its integrated payments offering in the past 12 months, with products including Stripe Terminal, Radar for Fraud Teams security software and Stripe issuing services.
The firm also announced plans to upgrade its base in Singapore into a fourth global engineering hub after in Seattle, Dublin and San Francisco.
The regional hub, which has clients including Asian ride hire companies Grab, Mobike and Carousell, will also be the focus of a hiring spree, as the company gears up to expand its infrastructure and build new products.
A statement posted to the firm’s website said: “More than 200 million Southeast Asians will come online in the next two years, and the region’s vibrant internet economy - growing to more than $200 billion by 2025 - comprises more than 7,000 high-growth startups.
“We think that this is just the beginning, and that the region will see vast innovation in the years ahead.”
Earlier this month the company made a concerted move to branch into offline channels with the launch of a new electronic point of sale device (ePos) targeted at online merchants making the move into physical retail.