Stripe, a leading global payments company, on Sunday announced it had raised another $600 million in a new funding round that now put the company valuation at $95 billion.
The company that recently acquired Paystack for over $200 million, was valued at $36 billion in April 2020 and has now tripled that value in less than a year.
Presently, Stripe worth more than Elon Musk’s SpaceX and Instacart in valuation terms.
The latest fundraising round was led by Allianz X, Axa, Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital, and Ireland’s National Treasury Management Agency (NTMA), Stripe said in a statement.
The payments startup said the money will be used to finance its European operations, Dublin headquarters in particular, “support surging demand from enterprise heavyweights across Europe, and expand its Global Payments and Treasury Network.”
According to Stripe, out of the 42 countries it presently operates in, 31 are in Europe. While many of the Euro-area largest and fastest-growing businesses are already building on the platform.
It said Axel Springer, Jaguar Land Rover, Maersk, Metro, Mountain Warehouse and Waitrose have recently turned to Stripe to grow and diversify their online revenue, or move faster on their transformation projects.
Meanwhile, Europe’s hypergrowth companies such as Deliveroo (UK), Doctolib (France), Glofox (Ireland), Klarna (Sweden), ManoMano (France), N26 (Germany), UiPath (Romania), and Vinted (Lithuania) all build on Stripe to compete on the global stage.
“We’re investing a ton more in Europe this year, particularly in Ireland,” said John Collison, President and co-founder of Stripe. “Whether in fintech, mobility, retail or SaaS, the growth opportunity for the European digital economy is immense.“
“Stripe is an accelerator of global economic growth and a leader in sustainable finance. We are convinced that, despite making great progress over the last 10 years, most of Stripe’s success is yet to come” said Conor O’Kelly, CEO of NTMA. “We’re delighted to back Ireland’s and Europe’s most prominent success story, and, in doing so, to help millions of other ambitious companies become more competitive in the global economy.”