Online payments processing company Stripe has been valued at $20bn following its latest $245m round of funding.
The latest investment was led by Tiger Global Management, with participation also coming from Sequoia, and DST Global. These investors join Stripe’s existing backers Andreessen Horowitz, Kleiner Perkins, Khosla Ventures, General Catalyst, and Thrive Capital.
Through the new line of capital, Stripe will look to expand its international reach, and scale engineering talent across the globe. Funds will also be used to fuel the growth of its capabilities and to build out its enterprise features.
Silicon Valley-based Stripe is a software developer that supports online businesses with payment processing and subscriptions.
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.
Other products provided by the company include revenue management tools, digital wallet services, and business data analysis.
Earlier in the year, the company launched a number of new services and products including fraud prevention infrastructure, virtual and physical credit card issuing, in-person payment terminals, and subscription-based billing.
Stripe CEO and co-founder Patrick Collison said, “We believe in the contingency of progress. Better global payments infrastructure will increase economic output, encourage entrepreneurship, and help upstarts compete with incumbents. By bringing Stripe into more markets and building out our capabilities for companies of all sizes, we hope to accelerate innovation around the world.”
The company was previously valued at $9bn following its $150m Series D round which it closed in 2016.
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