A new round of fundraising for Stripe Inc. has made the financial technology company one of the most valuable startups in the world.
Stripe said Sunday it raised $ 600 million from a group of investors that included Ireland’s National Treasury Management Agency, insurers Allianz SE and AXA SA and investment managers Baillie Gifford & Co. and Fidelity Investments. The round valued Stripe at $ 95 billion, more than 2½ times the valuation it achieved in a 2019 fundraising round.
Thanks to the new fundraiser, Stripe is now worth more than other start-up loved ones like Instacart Inc. Globally, it is still followed by Chinese fintech giant Ant Group Co. in terms of valuation.
As a payment processor for emerging businesses and fast-growing internet businesses, Stripe benefited from the pandemic-induced boom in online shopping. Stripe customers, including DoorDash Inc., Shopify Inc. and Wayfair Inc., experienced an increase in demand as consumers shifted their spending from brick-and-mortar establishments.
“We are now bigger than all e-commerce [market] that was when we first started Stripe, “Dhivya Suryadevara, Stripe ‘s chief financial officer, said in an interview. Stripe was launched in 2010.