A fresh fundraising round for Stripe Inc. has made the financial-tech business among the worlds most-valuable startups.
Stripe stated on Sunday that it raised $600 million from a group of financiers that included Irelands National Treasury Management Agency, insurers Allianz SE and AXA SA and investment supervisors Baillie Gifford & & Co. and Fidelity Investments. The round valued Stripe at $95 billion, more than 2 1/2 times the appraisal it achieved in a 2019 fundraising round.
Thanks to the new fundraising, Stripe is now worth more than other start-up darlings like Instacart Inc. Internationally, it still routes the Chinese fintech giant Ant Group Co. in terms of valuation.
As a payment processor to startups and fast-growing web business, Stripe took advantage of the pandemic-induced boom in online shopping. Stripe consumers consisting of DoorDash Inc., Shopify Inc. and Wayfair Inc. all experienced a surge in demand as customers moved their spending away from bricks-and-mortar establishments.
Stripe introduced in 2010.