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Stripe Inc. is the most valuable startup in the United States after securing a $ 600 million financing round.
The online payment technology provider based in San Francisco and Dublin is now valued at $ 95 billion, almost three times the $ 36 billion valuation granted in April 2020.
Stripe plans to use the funds to invest in its European operations, in particular at its Dublin headquarters, to support the region’s growing demand and to expand its global payments and treasury network. Nearly 75% of the 42 countries using Stripe are located in Europe, including many of the continent’s fastest growing companies.
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The main investors in the financing round include the National Treasury Management Agency of Ireland, the insurance companies Allianz and AXA SA, the investment managers Baillie Gifford and Fidelity Investments, the venture capital firm Sequoia Capital.
Stripe now only follows China’s Bytedance ($ 140 billion) as the most valuable startup in the world, according to CB Insights. It leads Elon Musk’s SpaceX ($ 74 billion) and Instacart Inc. ($ 39 billion) as the largest startup in the United States.
Stripe experienced tremendous growth last year as many of his customers benefited from the online shopping boom that occurred as a result of the COVID-19 pandemic. Customers include Amazon Inc., Wayfair Inc. and Shopify Inc.
Soon, Stripe will be available in Brazil, India, Indonesia, Thailand and the United Arab Emirates. The company says its mission is to increase the GDP of the internet, which accounts for 14% of trade.
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“The pandemic has taught us many things about society, including how much can be achieved – and paid for – online, but the internet is not yet the engine of global economic progress it could be,” said CFO Dhivya Suryadevara in a statement.