Online Payment App Stripe Sees Value Rise To $95 Billion
SAN FRANCISCO (CBS SF/AP) -- After raising $600 million in funding from investors, the online payment company Stripe reached a whopping company valuation of $95 billion last week.
Stripe is by far the most valuable private fintech company in the world. Robinhood, the trading platform recently making headlines, just raised $3 billion to reach a valuation of around $11.2 billion.
The company which makes software that allows companies to accept online or in person card payments said it will use the capital in the latest round of funding to invest in its European operations, particularly its Dublin headquarters. Stripe has two headquarters, the other location is in San Francisco.
Stripe will also expand its global payments and treasury network. Some of its clients include Jaguar Land Rover, Maersk, Deliveroo and Klarna.
Companies that enable online payments have thrived in the pandemic. Stripe's valuation has almost tripled in a year.
"The pandemic taught us many things about society, including how much can be achieved—and paid for—online, but the internet still isn't the engine for global economic progress that it could be," said Dhivya Suryadevara, Stripe's chief financial officer.
Jack Dorsey's rival company, Square, has pushed far beyond point-of-sale technology to create an economic ecosystem for smaller businesses that help them with their books and payroll.
Stripe said Sunday that the latest round of funding includes investments from Allianz X, Axa, Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital, and Ireland's National Treasury Management Agency.
© Copyright 2021 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.
