Already valued at $35 billion before the funding round, Stripe has managed to raise an additional $250 million to further expand its market value.
According to the press release, funds will be allocated to three major areas: international expansion, product development and enterprise enhancements.
As part of its global reach initiative, Stripe launched in eight additional European countries earlier this month. And with these new allocated funds, the brand targets reaching a total of 40 countries in the coming months – providing a 70% saturation rate within the global economy. Not to mention, there are several additional launches slated for 2020, according to the same release.
This latest funding round will enable the company to invest heavily in their already-substantial product offerings, such as their Global Payments and Treasury Network (GPTN), which supports Connect, Billing, Terminal and Radar (some of the brand’s proprietary services). Stripe Capital and Stripe Corporate Card are also among offerings the company has recently announced.
And finally, when it comes to enterprise capabilities, Stripe already has a portfolio range that services everyone from the start-up entrepreneurs to the complex international megabrands. And with some of the funds allocated to further expand its range, the company aims to simultaneously provide the powerful functionality the new companies want, along with the innovative technology the established companies need, according to the same release.
Now, Stripe is not the only payments company to see a spike in valuation over the past year. Mastercard, Visa and PayPal have all seen dramatic increases as well but Stripe’s 75% jump does “take it to another level,” according to Quartz. But the same article highlights research suggesting that the powerful momentum behind digital payments seems to be diminishing.
Whether this is true or not, it doesn’t seem to faze Stripe’s plans to bring the internet to its full potential.
“Even now, in 2019, less than eight percent of commerce happens online,” said President and Stripe Co-founder John Collison in the same press release. “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 fulfill its potential as an engine for global economic progress.”