The valuation of Stripe, a technology company, has risen to $95B after it raised $600 million in a recent funding round. The firm said it would use the cash raised to expand its European business with a focus on Ireland. Right now, the company is the most valuable startup in the United States.
Stripe became the first payments company to support Bitcoin payment in 2014. The company has always been known to explore new opportunities and possibilities, especially with its recent expansion to Africa. However, the firm ended Bitcoin support in 2018 on the basis that it has become less useful for payments.
In February, Stripe announced that the onetime governor of the Bank of England and the Bank of Canada, Mark Carney, has joined its board of directors. Carney is a known supporter of cryptocurrency. Carney had earlier advocated for a digital replacement for fiat claiming that the USD hegemony is declining.
The primary investors in the funding round include Allianz X, Sequoia Capital, Axa and other notable venture firms. The company revealed that the growth opportunity for the digital economy in Europe is huge. Therefore, the firm said that the funds would be used to support its European operations and expand its global payment services.
Stripe’s Valuation Now at $95 Billion
Stripe has experienced exponential growth since it started in 2010. The firm was previously valued at $35 billion before it skyrocketed to $95 billion following the recent funding round. A statement from Credit Suisse’s Timothy Chiodo revealed that the ability of Stripe to serve complex enterprise customers is mostly overlooked.
The firm has been recording a rise in demand lately due to increased online shopping, which started during the pandemic lockdown. Also, Stripe did not disclose the details of its financial record while commenting on the funding round.