Stripe Bags $600M in Series G Round of Financing
Stripe attains an extension of its Series G round, collecting almost $600 million
Fremont, CA: Stripe closes a continuation of Series G funding round with an additional $600 million from investors Andreessen Horowitz, GV, General Catalyst, and Sequoia. The investment occurs on the same terms and valuation as the Series G.
While the full economic impact of COVID-19 remains uncertain, several years of offline-to-online migration are cooped into a few weeks. The disruption underscores the need for reliable, easy-to-use infrastructure for internet businesses. Stripe’s mission to grow the GDP of the internet in this situation dwells on how an on-ramp is provided to the digital economy for businesses around the world. Stripe also records that the rate of new companies going live has accelerated since the start of the year.
With a balance sheet of more than $2 billion, a capital-efficient business model, and a highly-diversified, growing global user base, Stripe is positioned to provide both uninterrupted services to its customers in a time of stress and invest in long-term improvements.
The foundation further extends Stripe’s continued in-roads with enterprise clients. Already in 2020, Stripe has welcomed significant industry-leading firms as Caviar, Coupa, Just Eat, Keap, Lightspeed, Mattel, NBC, and Paid as customers. Stripe’s latest addition to the list of companies is Zoom, which uses Stripe to modernize its payments stack and grow internationally.
As a Critical Infrastructure provider, The company has plans to invest in its platform’s growth, continuing to hire talent, deepening its stack of software functionality with an aim to simplify business, accelerating its geographic extension, and pursuing strategic implementations regardless of the climate.
“People who never dreamt of using the internet to see the doctor or buy groceries are now doing so out of necessity. And businesses that deferred moving online or had no reason to operate online have made the leap practically overnight,” said John Collison, President, and Co-founder of Stripe. “We believe now is not the time to pull back, but to invest even more heavily in Stripe’s platform.’
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