San Francisco, 03/15/2021: Digital payment company Stripe raises $600 million in funding at a valuation of $95 billion, The payment startup becomes US most valuable company surpasses Elon Musk’s SpaceX.
At the top TikTok owned ByteDance is the most valued digital company at around $180 billion in the world.
Founded in 2010 by Patrick and John Collison, Stripe allows companies to accept online or in person card payments. Stripe has more than 50 companies each processing over $1 billion annually.
Its list of customers includes Google, Uber and Amazon, and more recently shipping giant Maersk and Jaguar Land Rover.
San Francisco and Dublin-headquartered company said it would use the capital to invest in its European operations and expand its global network. At $95 billion, Stripe is now more valuable than any bank in the euro zone.
“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,” said Dhivya Suryadevara, Stripe’s chief financial officer.
He also added, “While Stripe already processes hundreds of billions of dollars per year for millions of businesses worldwide, the opportunity ahead is much larger than it was when the company was started 10 years ago.”
Suryadevara joined from General Motors Co last year, where she was one of the industry’s youngest and highest-ranking executives. Stripe also added former head of the UK and Canadian central banks Mark Carney to its board last month.