Recently Stripe announced that it will gather an entire $250 million in extra funding. This addition will total the firm’s new worth to $35 billion which represents a 50% uptick in its initial value and points to more expansion in the e-payments industry as a whole.
At the start of the year, Stripe raised $100 million boosting its worth to $22.5 billion. And now, it will enjoy a new injection of funding from shareholders like Sequoia, Andreessen Horowitz, General Catalyst, and a few others.
The payment company promised in a media briefing to use the finances to fund three major segments i.e.;
- Speeding up global growth;
- Upgrading its collection of products;
- Improving its enterprise-level offerings.
Stripe, which will turn a decade old next year, dates back to 2010. It was founded by two (brother) entrepreneurs of Irish descent, Patrick and John Collison.
The Collisons embarked on a mission to create their solution after facing frustrations with existing e-payment systems.
Now, their masterpiece idea, Stripe, stands as the globe’s highest valued privately-owned fintech company above popular bigwigs like SpaceX and including Airbnb.
Stripe has been consistent in offering well-liked solutions in many categories, and that— according to market analysts— is the reason it has recorded an upward trend over the last few years.
The fintech company’s executives also said Stripe’s goal is to grow the online market’s GDP by simplifying the process of starting, running and scaling an ecommerce business.
According to John Collison, Stripe CEO and Co-creator, the world is still far away from maximizing the potential of the internet.
“Even as we speak, only 8 percent of business happens over the internet. Stripe is working to develop systems that will drive online retail in 2030 and the future. If all goes well, we will succeed in helping the web unlock its potential as a driver for international economic growth.”
Stripe is taking the fintech market by storm at a time when other payment companies are caught up in M&As that many people believe will bring significant changes to the world of online payments.
Hopefully it will keep up with customers and retailer demands and impact the entire internet as its creators predict.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated business funding solutions in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.