Online payments have definitely made our lives infinitely more convenient. People can now pay their bills from the comfort of their sofas. This convenience is experienced by corporations too, who can send as well as receive money in an instant without any hassles whatsoever. The journey of the online payments company Stripe is a great example of the size of the payments market. A new round of funding of $245 million has elevated the young company to a mind-boggling valuation of $20 billion.
Founded in 2011 by brothers Patrick and John Collison who were aged 22 and 24 at the time, Stripe has grown at a staggering rate, with many of its clients being large corporations and industry leaders. It was valued at about $9 billion just two years ago. The new round of funding led by Tiger Global Management, DST Global and Sequoia has raised the company’s worth more than two-fold. Existing investors include Khosla Ventures, Kleiner Perkins, Andreessen Horowitz, Thrive Capital, and General Catalyst. A spokesperson for Stripe said that the company plans to recruit more engineers for its global expansion and is looking to launch a new hub in Singapore. It already has hubs in Seattle, San Francisco, and Dublin.
Stripe simplifies online payments through efficient integration of payments module into websites and applications. It is a highly convenient alternative to the conventional route of going through banks, credit card companies, and e-wallets and so on.