Online payments platfrom Stripe bags up to $38m in new equity funding

Online payments platform Stripe has raised up to $38m in its latest equity funding round.

The company has received contributions from 38 unnamed backers, according to a new US SEC filing.

Silicon Valley-based is a software developer that supports online businesses with payment processing and subscriptions. The company offers three products: Payments, Subscriptions and Connect.

Through the payment solution, a client can access online payments from around the world, through a range of methods and in over 135 currencies. The app provides a dashboard where the company can manage all of their payments, subscriptions, transfers and customer interaction, as well as the ability to automate many of the manual processes.

Its subscriptions service automates the recurring billing and renewal tasks, as well as completing any calculations for metered plans. Connect offers marketplaces to accept money and pay outs to third parties from around the world by integrating services. The API simplifies operations by enabling customisation of onboarding, setting pay out timing, easing money movement, and offering integrated financial reporting.

Last year, the company raised $150m in its Series D funding round at a company valuation of $9bn. General Catalyst and CapitalG led the series, while other contributions came from Sequoia Capital and other existing backers.

Prior to the Series D, Stripe collected $100m in 2015, with a company valuation of just $5bn.

Last year, UK-based challenger bank Monzo secured a £71m investment from backers including Stripe, and Goodwater Capital.

The payments and remittance sector was dominated by the Asian market last year, according to data by FinTech Global. Of the $11.9bn that was deployed globally, $8bn was invested in Asia, which is around 67 per cent of the total capital.

Copyright © 2018 FinTech Global

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