Stripe raises a further $600m of funding

Stripe has announced an extension of its Series G round, raising an additional $600 million from investors, including Andreessen Horowitz, General Catalyst, GV and Sequoia.

The US payments FinTech plans to invest further in growing its platform, including: continuing to hire around the world; deepening its stack of software functionality to simplify online business; accelerating its geographic expansion (with upcoming launches in Bulgaria, Cyprus, the Czech Republic, Hungary, Malta, and Romania); and pursuing strategic initiatives or acquisitions.

In September, the business was valued at $35 billion after a $250 million funding round.

With more than $2 billion on its balance sheet and a growing global user base, Stripe stated that it is in a position to both provide uninterrupted service to its users during the Coronavirus and invest in long-term improvements.

In addition to adding the likes of Just Eat, Mattel, NBC, and Paid as customers, Stripe announced the addition of Zoom to the list of companies using its payments stack.

The company stated that it is helping customers navigate the pandemic by fast-tracking support for telemedicine providers in the US, simplifying the steps involved in launching a business on Stripe, scaling capacity for the businesses and providing fast access to funds through Instant Payouts, Stripe Capital, the Stripe Corporate Card.

“People who never dreamt of using the internet to see the doctor or buy groceries are now doing so out of necessity, and businesses that deferred moving online or had no reason to operate online have made the leap practically overnight,” said John Collison, president and co-founder of Stripe. “We believe now is not the time to pull back, but to invest even more heavily in Stripe’s platform.”

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