Payment processing startup Stripe raised $250 million in a new round of funding, bringing the company’s valuation to $35 billion, according to the Wall Street Journal. The company’s CEO Patrick Collison commented on the news on Twitter, saying that there is “more in the works,” and that the “[I]nternet economy is still in its early innings.”
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Stripe, based in San Francisco, powers the payments tech behind a chunk of digital companies; the company anticipates lots more digital commerce that may flow through its payments technology.
Sequoia Capital, General Catalyst, and Andreessen Horowitz were investors in the round, WSJ reported. The new round brings Stripe’s total funding to more than $1 billion, according to Crunchbase.
Stripe last raised funding in January, when its Series E brought in $100 million in a second investment. Tiger Global Capital was the lead investor on the round.
Stripe was last privately valued at $22.5 billion, according to Crunchbase, and its new valuation has it surpassing unicorns like Airbnb, Pinterest, and Slack.
The company, which was founded in 2010, makes software for companies to accept online payments.
Stripe’s new round comes at an interesting time. While many unicorns are heading for exits in the public markets, the payments company is doubling-down on staying private. It certainly doesn’t lack access to capital. But, the firm could run the risk of missing an attractive IPO climate if the economy changes for the worse while it deploys its new, privately-sourced investment.
Among the Silicon Valley chattering classes, Stripe is considered to be a unicorn that is abnormally healthy. Provided that the company invests its new capital in a similar fashion, we could see the firm file in the second half of 2020. Not sooner, we can’t imagine.
Illustration Credit: Li-Anne Dias
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