Online payments giant Stripe announced this week that it has raised another $600 million at a valuation of $95 billion.
The company, which is headquartered in both San Francisco and Dublin, primarily plans to use the fresh capital to invest in its European operations, it said.
“We’re investing a ton more in Europe this year, particularly in Ireland,” John Collison, president and co-founder of Stripe, said in the announcement.
“Whether in fintech, mobility, retail or SaaS, the growth opportunity for the European digital economy is immense.”
Among Stripe’s European customers are companies like Axel Springer, Jaguar Land Rover, Maersk, Metro, Mountain Warehouse and Waitrose, it said.
The company also said that its revenue from enterprises represented its fastest growing segment, and that it counts more than 50 companies processing $1 billion or more among its customers. The company also plans to use the funds to build out its Global Payments and Treasury Network – its name for the infrastructure it has built to move money globally.
“We’re investing in the infrastructure that will power internet commerce in 2030 and beyond,” Dhivya Suryadevara, Stripe’s chief financial officer, said.
“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. We’re laser focused on helping ambitious businesses grow faster. While Stripe already processes hundreds of billions of dollars per year for millions of businesses worldwide, the opportunity ahead is much larger for Stripe than it was when the company was started 10 years ago.”
According to Reuters, this latest valuation makes Stripe more valuable than any bank in the euro zone and the most valuable startup in the U.S., a distinction that previously belonged to Elon Musk’s company SpaceX.
“I don’t think it ends here. I think there is still a lot of runway ahead of the company in terms of growth, market cap and impact because it powers such a fundamental piece of the modern technology infrastructure,” Elad Gil, a Stripe investor from an earlier funding round, told Reuters.
Stripe has grown in value rapidly since its founding in 2011. The company’s valuation from its Series G funding round just last year placed it at $36 billion.
Primary investors for this funding round include Allianz X, Axa, Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital, and Ireland’s National Treasury Management Agency (NTMA).
“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.”