Stripe, a payments and financial services providers for businesses, has raised more than US$6.5 billion in a at a US$50 billion valuation, a sharp decline from its 2021 valuation of US$95 billion.
Despite the 47% discount from its record valuation, the company said in a press release that “Stripe does not need this capital to run its business”.
The fundraise from existing investors Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners, and Thrive Capital as well as new investors GIC, Goldman Sachs Asset and Wealth Management, and Temasek will instead be used to provide liquidity to current and former employees and tax obligations related to equity awards.
Stripe reports that one hundred businesses now handle more than US$1 billion on its platform every year.
Seventy-five percent of these companies use Stripe for more than just payments and over 70% uses its platform to manage operations across multiple countries.
“Over the last 12 years, current and former Stripes have helped build foundational economic infrastructure for millions of businesses around the world, and this transaction gives them the opportunity to access the value they’ve helped create.
But the internet economy is still young, and the opportunities of the next 12 years will dwarf those of the recent past. There’s so much to discover and to create. For us, it’s now back to work.”
said John Collison, Co-founder and President of Stripe.