Stripe, the payments infrastructure company, has received a whopping $100 million in funding from Tiger Global Management and now its valuation stands at $22.5 billion as reported by The Information on Tuesday. Last year in September, it also secured $245 million through its funding round, also led by Tiger Global Management.
Founded in 2010 by the Irish brothers, Patrick and John Collision, Stripe has now become one of the most valuable “unicorns”, a term used for firms worth more than $1 billion, in the U.S. The company also boasts an impressive list of clients, recently adding Google and Uber to its stable users.
The company is now planning to expand its platform by launching a point-of-sale payments terminal package targeted at online retailers making the jump to offline. A Stripe spokesperson told CNBC, “Stripe is rapidly scaling internationally, as well as extending our platform into issuing, global fraud prevention, and physical stores with Stripe Terminal. The follow-on funding gives us more leverage in these strategic areas.”
The company is also expanding its team. On Tuesday, Patrick Collision announced that Diane Greene, who is an Alphabet board of directors member will be joining the Stripe’s board of directors. Along with Greene, joining the team are Michael Moritz, a partner at Sequoia Capital, Michelle Wilson, former general counsel at Amazon, and Jonathan Chadwick, former CFO of VMware, McAfee, and Skype.
I haven't said much in the past about @Stripe's board. We're fortunate to add Diane Greene, our fourth outside director today. (All four have to put up with myself and John, for six in total.)
— Patrick Collison (@patrickc) January 29, 2019
In addition to Tiger Global Management, the start-up has also being supported by various other investors including Sequoia Capital, Khosla Ventures, Andreessen Horowitz, and PayPal co-founders Peter Thiel, Max Levchin, and Elon Musk.
For more details, read the full story on The Information website.