Ecommerce technology company Stripe announced over the weekend that it recently raised $600 million in funding. The Series H round brings the company’s total funding to $2.2 billion and boosts its valuation to $95 billion.
Investors in this month’s funding round include Allianz X, Axa, Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital, and Ireland’s National Treasury Management Agency.
Stripe will use the funds to expand its Global Payments and Treasury Network and invest in its European operations to support increasing demand in the region. Specifically, the California-based company aims to boost its Dublin headquarters.
“We’re investing a ton more in Europe this year, particularly in Ireland,” said Stripe President and Cofounder, John Collison. “Whether in fintech, mobility, retail, or SaaS, the growth opportunity for the European digital economy is immense.”
Stripe has clients in 42 countries, 31 of which are in Europe. Among the company’s European clients are Deliveroo, Doctolib, Glofox, Klarna, ManoMano, N26, UiPath, and Vinted.
As Stripe pointed out in a blog post, only 14% of commerce happens online. That’s why, as the company’s CFO Dhivya Suryadevara notes, Stripe is “investing in the infrastructure that will power internet commerce in 2030 and beyond.” More specifically, the company is expanding its software and services and is making its technology available to millions more businesses in Brazil, India, Indonesia, Thailand, and the UAE.
“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,” added Suryadevara.
Photo by Paweł Czerwiński on Unsplash