Online payments company Stripe has raised $245 million in funding at a $20 billion valuation. Stripe President John Collison told Business Insider that Stripe is growing rapidly due to Internet companies expanding into the real world such as Warby Parker. Some of Stripe’s other customers include Amazon, Target, and Lyft.
Stripe plans to use the funding for international expansion, product development, and to expand upon its platform. And with this round of funding, Stripe’s valuation more than doubled in the past two years. Specifically, Stripe raised $150 million at a $9.2 billion in late 2016. Stripe is also going to open an “engineering hub” in Singapore to support the other ones it has open in San Francisco, Seattle, and Dublin.
Tiger Global Management, Sequoia, and DST Global led this round of funding. So far, Stripe raised $685 million in total funding. Visa and CapitalG (previously known as Google Capital) are also investors in Stripe.
What does Stripe do? The company makes it easier for e-commerce companies to accept credit card payments from its online stores and physical locations.
“A number of high-growth technology companies are expanding to the real world,” said Collison via Business Insider. “They want to do that on Stripe.”
Stripe does not have any plans to go public as of yet nor is it planning to raise any more funding anytime soon. The company is more focused on the expansion of its products. For example, the company is going to look into additional markets in Southeast Asia and India.