Stripe, the finance technology company that two Irish entrepreneurs, brothers John and Patrick Collison established in 2011 is now valued at $9 billion after raising a $150 million funding round. The investment transaction was spearheaded by GeneralCatalyst and CapitalG.
Tech vibes reports that Sequoia Capital and its existing investors also participated in the funding round. Paypal co-founder Peter Thiel and Tesla owner Elon Musk have also been known to invest in Stripe. The payments platform set up by Stripe has become popular and the company increased incredibly in size by from serving giant companies like Kickstarter and Deliveroo.
Many big companies like Adidas, Slack, Medium, SAP, and The Daily Mail use the services provided by Stripe. Even the two recent contending presidential campaigns were serviced by Stripe.
As per Business Insider, Stripe is now doing business in 110 countries. It has become one of the biggest new technology businesses in the US. The company intends to use the additional funds to create more products, buy or invest in companies and expand its operations further. It is venturing into new markets like fraud prevention and company platform development.
Stripe has made the payment processes easier and is striving to become a central structure through which new businesses are created. It aims to support all types of internet businesses and their financial transactions.
Stripe is also developing technologies to support financial transactions in the internet such as buy buttons that allows suppliers to sell to consumers through Facebook, Twitter and Pinterest. Of course, Stripe is not the only one active in financial technology in the internet. Its competitor, Braintree a subsidiary of Paypal is set to handle $50 billion in 2015, which double the volume that Stripe makes.
The secret of Stripe is its humble origin. It rose through the use of money-handling technologies that they developed for use in mobile internet. The company grew much faster than the original owners expected and expanded its scope and size through funding from key investors.