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Stripe raised another $600 million in a funding round. The company plans to continue investing in product development and further expansion.
San Francisco-based tech and payment firm Stripe announced the extension of its Series G funding round as it raised an additional $600 million from investors, including Andreessen Horowitz, General Catalyst, GV, and Sequoia.
With the accelerating rate of businesses going live on Stripe, they aim to grow the GDP of the internet. The firm intends to achieve this by providing an on-ramp to the digital economy for businesses around the world.
Stripe Series G funding round is necessitated by the ravaging effect impact of the ongoing coronavirus. The pandemic economic impact remains uncertain, prompting offline-to-online migration that should take years to occur in weeks.
Owing to this, there is a need for a reliable, easy-to-use infrastructure for internet businesses. Also, beyond Stripe Series G funding round, the firm has become an active investor in certain startups. Some of these startups are strategic partners for Stripe as it transits into other businesses to complement its payment services.
As part of Stripe Series G funding round announcement too, the firm revealed they had $2billion in their balance sheet. This highlights that the firm takes investment to thrive further as a private company. Hence it does not appear to have any need to go to the public markets to raise funds.
Beyond Stripe Series G Funding Round
During this lockdown period Stripe aims to help clients and communities navigate hardship amidst the pandemic. The firm also would assist in fast-tracking support for telemedicine providers in the U.S. Companies like Solv are now working with Stripe to provide physician-assisted forms of COVID-19 testing and same-day urgent care.
In the same light, Stripe aids in simplifying launching a business on its platform. Individual farmers too, with no experience running an internet business, can quickly get started with Stripe to sell fresh produce online. Stripe will shortly have facilitated $1 billion in sales for businesses that launched on Stripe since the onset of the virus in the U.S.
Ultimately, Stripe plans to invest further in growing its platform, including continuing to hire around the world, deepening its stack of software functionality to simplify online business, and expand into other countries with Bulgaria, Malta, Cyprus among countries it is set to launch.
“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.
He also emphasized that now is not the time to pull back but to invest even more heavily in Stripe’s platform.