Published Date : Sep 27, 2018
For new businesses, payments startup Stripe has definitely changed the landscape in terms of collection of funds through the online medium. And this has been achieved only by using a few lines of code.
More Details About Stripe’s Success Regarding Fund Raising Scenarios
In this new raise, Stripe gained about US$245 mn, which is a whopping amount in terms of typical fund values raised, thus reaching a valuation of about US$20 bn. This is certainly a big jump from its previous round two years ago, which had made the company worth US$9 bn. The fund raising was led by Tiger Global Management, along with other new backers including DST Global and Sequoia. Other investors already existing in this scenario were also present such as Andreessen Horowitz, Kleiner Perkins, Khosla Ventures, General Catalyst, and Thrive Capital.
According to Stripe, the company plans to use the funding to hire more people, for its new concept called the distributed global engineering team. The enterprise now has hubs in San Francisco, Seattle and Dublin. The significance of Dublin exists as the company’s co-founders, John and Patrick Collison, are originally from Ireland. And as per recent news, Stripe is soon going to launch a new hub in Singapore too.
Engineering always has been at the crux of the company’s growth from the beginning. The company has deployed more than 3200 new versions of its core API in the last year. The recently acquired funding is expected to extend the strong scenarios existing for most startups, wherein it most important for them to raise money for instilling growth and development. The company has been diversifying in spite of payments being its primary field. The enterprise now comprises Stripe Issuing, Stripe Terminal, fraud detection and potentially cash advances, among its various offerings. The company does not have any plans of going public in current times.