Stripe Reaches Dizzying Heights Of $35 Billion Valuation
Online payment processing company Stripe announced exciting new funding worth $250 million.
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Receiving further funding of $250 million last Thursday, Irish born, Silicon Valley raised Stripe has designated its most recent windfall towards international expansion, growing its product stack and extending its services for enterprise clients.
New products like Stripe Capital, which is a lending facility for online businesses, as well as a new Stripe Corporate Card head up the additions to the products. Its aim of having a presence in 40 countries worldwide is well underway, having launched in eight new states across Eastern Europe earlier this month. The last piece to this strategic triptych involves expanding Stripe’s ability to provide service to their enterprise clients, from internet startups to international conglomerates such as Uber (NYSE: UBER), Amazon (NASDAQ: AMZN) and newly announced customer AirBnB, amongst others.
Patrick and John Collison have no lack of ambition for their not-so-little payment processing company that could, with co-founder and president John stating “We’re investing now to build the infrastructure that’ll power internet commerce in 2030 and beyond. If we get it right, we can help the internet fulfil its potential as an engine for global economic progress.”
Initial Public Offering
Any rumblings of a planned IPO have been quelled by Collison, who assures Wall Street speculators that the payment processing firm is still in the early stages of its development and is “very happy as a private company.” With the recent poor performance of highly anticipated IPOs such as Uber and Slack, as well as the ongoing circus surrounding WeWork, Stripe’s decision looks wise. One thing is for sure, investors will be watching this Decacorn very closely for when it finally decides to go public.
We here at MyWallSt are proud of our young, multi-billionaire Irish entrepreneurs, and not one bit jealous. Not even a little bit. We’re also very sorry for using the term Decacorn.