In today’s trending financial technology news, Irish-American fintech company Stripe has raised $733 million in a latest funding round. The internationally renowned financial technology firm says that it’ll use the freshly raised capital in efforts to further expand its Global Payments and Treasury Network. The funds will also be utilized in its European operations. The funding round’s primary investors are Baillie Gifford, Allianz X, Fidelity Management & Research Company, Sequoia Capital along with Ireland-based National Treasury Management Agency.
According to Stripe, the funds will support the surging demand of its services from enterprise heavy weights. The company says that enterprise revenue is now Stripe’s largest as well as fastest growing segment, more than doubling year-on-year.
More on Stripe raising $733 million
Stripe President and Co-founder, John Collison said that Stripe will be investing a lot more in Europe in 2021, especially in Ireland. Whether in fintech retail, software-as-a-service or mobility, the growth opportunity for the digital economy in Europe is immense, he adds. Stripe’s Chief Revenue Officer, Mike Clayville said that in 2021, the fintech will be doubling on its enterprise capabilities, especially its customer success teams to help even larger businesses like Zapier and Twilio in significantly increasing their revenue.
The Irish-American fintech will also invest in global expansion to assist organizations like MATCHESFASHION or Glofox increase their market opportunity. Moreover, via partnerships with enterprise solutions such as Salesforce Commerce Cloud, Stripe will make it easier for multinationals around the world to switch to Stripe.
Conor O’Kelly, Chief Executive Officer of NTMA said that Stripe is an accelerator of international economic growth as well as a leader in sustainable financial technology. NTMA, one of the investors in Stripe’s latest funding round, is convinced that despite making immense and great progress over the past decade, most of the success of Stripe is yet to come, said O’Kelly. NTMA is delighted to support the most prominent success story of Ireland and Europe, O’Kelly further adds.
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Stripe: a world-class fintech company
Founded in the year 2010 in California, Stripe is a financial services firm and a software as a service company. Headquartered in San Francisco (California) and Dublin (Ireland), the fintech mainly offers application programming interfaces and payment processing software for mobile applications and ecommerce sites.
Stripe’s current CEO since 2010 is Patrick Collison who also co-founded the company. It has over 2,500 employees and its subsidiaries include Indie Hackers and Paystack Payments Limited. The fintech Stripe competes against Square Payments, Amazon Pay, Braintree Direct, Venmo for Business, Heartland Payments, Shift4 Payments and CardConnect.
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