Company:Stripe

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Short description: Irish/American payment technology company
Stripe, Inc.
TypePrivate
Industry
Founded2009; 15 years ago (2009)
FoundersPatrick and John Collison
Headquarters
San Francisco , California , US and Dublin, Ireland
Services
  • Payments
  • Billing
  • Connect
  • Sigma
  • Atlas
  • Radar (fraud prevention)
  • Issuing
  • Terminal
RevenueIncrease $7.4 billion (2020)[1]
Number of employees
4,000+ (May 2021)
Websitestripe.com
Footnotes / references
[2]

Stripe is an Irish-American financial services and software as a service (SaaS) company dual-headquartered in San Francisco , United States and Dublin, Ireland.[2][3] The company primarily offers payment processing software and application programming interfaces (APIs) for e-commerce websites and mobile applications.[4]

History

Irish entrepreneur brothers John and Patrick Collison founded Stripe in Palo Alto, CA, in 2009. In 2011, the company received investment of $2 million including from PayPal co-founders Elon Musk and Peter Thiel, Irish entrepreneur Liam Casey,[5] and venture capital firms Sequoia Capital, Andreessen Horowitz, and SV Angel.[6]

In March 2013, Stripe made its first acquisition, Kickoff, a chat and task-management application.[7] In 2012, the company moved from Palo Alto to San Francisco.[8] In October 2019, the company announced that it would be moving from the South of Market area to Oyster Point in the neighboring city of South San Francisco in 2021.[8]

In February 2021, former Governor of the Bank of England, Mark Carney, was appointed to the Stripe board.[6]

Services

Payment processing

Stripe provides APIs that web developers can use to integrate payment processing into their websites and mobile applications.[9]

In April 2018, the company released anti-fraud tools, branded "Radar", that block fraudulent transactions.[10]

In 2018, the company expanded its services to include a billing product for online businesses, allowing businesses to manage subscription recurring revenue and invoicing.[11]

On June 11, 2019, Stripe's point of sale service, called Terminal, was made available to U.S. users. Terminal had previously been invite-only.[12] The service offers physical credit card readers designed to work with Stripe.[13][14] As of July 2020, Terminal supports two card readers: Verifone P400 and BBPOS Chipper 2X BT.[15]

Corporate finance

On February 24, 2016, the company launched the Atlas platform to help startups register as U.S. corporations. The platform originally launched as invite-only.[16] In March 2016, Cuba was added to the list of countries covered under the program.[17] Companies registered using Atlas can be Delaware-based C corporations, or, as of April 30, 2018, limited liability companies.[18]

In July 2018, Stripe began a platform for companies to issue Mastercard and Visa credit cards, and in April 2020, expanded the product's availability to include all U.S. users.[19][20]

Other

In 2018, Stripe started a publishing company named Stripe Press to promote ideas that support innovative businesses.[21]

In 2019, Stripe began offering loans and credit cards to businesses in the United States. The company stated that loans are approved automatically using machine learning models, with no human intervention.[22]

In October 2020, Stripe announced Stripe Climate, a service for businesses to fund atmospheric carbon research and capture.[23]

Growth

In May 2011, Stripe received a $2 million investment from venture capitalists Peter Thiel, Elon Musk, Sequoia Capital, SV Angel and Andreessen Horowitz.[24] Stripe launched publicly in September 2011 after an extensive private beta.[25]

In May 2020, Stripe expanded its services in 5 new markets in Europe: the Czech Republic, Romania, Bulgaria, Cyprus, and Malta.[26] And started working with the German-based company Piabo.[27]

On October 15, 2020, Stripe acquired Paystack, a Nigerian payment processor, in a deal reportedly worth over $200 million with the aim of expanding its services into Africa.[28][29][30][31]

In December 2020, Stripe announced plans to expand in Southeast Asia (SEA), China, India, and Japan. It increased its staff in the region by 200 employees.[32]

In March 2021, Stripe raised another $600 million, reaching a valuation of $95 billion, aimed towards expanding their European HQ.[33]

In April 2021 Stripe acquired TaxJar, a provider of cloud-based tax services based in Massachusetts. Whilst details of the acquisition were not made public, the deal is thought to have been in the region of $200M.[34]

Funding History
Date Funding Type Number of Investors Money Raised Lead Investor Valuation
Aug 2, 2010 Seed Round 1 — Y Combinator —[35]
Mar 28, 2011 Seed Round 5 $2M Peter Thiel, Elon Musk, Sequoia Capital, Andreessen Horowitz, SV Angel —
Feb 9, 2012 Series A 1 $18M Sequoia Capital $100M[36][37]
Jul 9, 2012 Series B 9 $20M General Catalyst —[38]
Jan 22, 2014 Series C 4 $80M Founders Fund $1.75bn
Dec 2, 2014 Series C 7 $70M Thrive Capital $3.5bn
Jul 31, 2015 Series C 7 $100M — —
Nov 25, 2016 Series D 3 $150M CapitalG, General Catalyst $9bn[39]
Sep 27, 2018 Series E 5 $245M Tiger Global Management $20bn[40]
Jan 29, 2019 Series F 1 $100M Tiger Global Management $22.5bn[41]
Sep 19, 2019 Series G 3+ $250M Sequoia Capital, General Catalyst and Andreessen Horowitz $35B
Apr 16, 2020 Series G Extension 3+ $600M Sequoia Capital, General Catalyst, GV and Andreessen Horowitz $36B[42]
Mar 14, 2021 Series H 3+ $600M Ireland's National Treasury Management Agency, Insurers Allianz SE and AXA SA, and investment managers Baillie Gifford & Co. and Fidelity Investments. $95B[33]

Investments

Stripe is reported to have participated in two funding rounds for Monzo, a "challenger bank" based in the U.K. Stripe's first investment in Monzo was reported on November 6, 2017,[43] with a second investment in Monzo's Series E fundraising round reported on October 10, 2018.[44] Monzo's valuation grew from approximately $350 million[43] to $1.27 billion[44] through these two rounds of fundraising. Stripe participated in a third round of funding for Monzo on June 24, 2019, which raised approximately $144 million in funding for Monzo at a valuation of approximately $2.5 billion.[45][46]

Stripe has invested in companies offering similar services as themselves, but in different geographical regions. In August 2018, Stripe invested in Paystack, a Nigerian payment processor,[47] and, in September 2019, invested in PayMongo, a Philippines payment processor.[48] In February 2021, Stripe invested in Safepay, a Pakistani payment processor.[49]

On June 6, 2019, Stripe led a $22.5 million fundraising round for Step, a financial services startup offering fee-free bank accounts to teenagers.[50]

On March 26, 2020, Stripe led a $20 million Series A fundraising round for Fast, a company creating a universal, one-click checkout service.[51] Subsequently, Stripe led a $102 million Series B fundraising round for Fast on January 26, 2021.[52]

See also

References

  1. ↑ Rudegeair, Peter (13 April 2021). "How Payment Processor Stripe Became Silicon Valley's Hottest Startup". Wall Street Journal. https://www.wsj.com/articles/how-payment-processor-stripe-became-silicon-valleys-hottest-startup-11618306201. 
  2. ↑ 2.0 2.1 "Stripe: About page". https://stripe.com/about. 
  3. ↑ "Stripe to add 1,000 jobs in Ireland over next five years". Silicon Republic. https://www.siliconrepublic.com/jobs/stripe-jobs-dublin-isif-investment. 
  4. ↑ "Inside Stripe, The PayPal Competitor Backed By PayPal Founders Peter Thiel, Elon Musk". February 2012. http://www.fastcompany.com/1813087/inside-stripe-paypal-competitor-backed-paypal-founders-peter-thiel-elon-musk. 
  5. ↑ "Stripe was smart spot for Irish tycoon Liam Casey". The Times. March 4, 2018. https://www.thetimes.co.uk/article/stripe-was-smart-spot-for-irish-tycoon-liam-casey-xc5tg6zmk. 
  6. ↑ 6.0 6.1 Cogley, Michael; Field, Matthew (23 February 2021). "How two brothers from rural Ireland built a $115bn payments giant". The Daily Telegraph. https://www.telegraph.co.uk/technology/2021/02/23/two-brothers-rural-ireland-built-115bn-payments-giant/. 
  7. ↑ Rao, Leena. "Payments Company Stripe Makes First Acquisition, Buys Team Task Management And Collaboration App Kickoff". TechCrunch. https://techcrunch.com/2013/03/11/payments-company-stripe-acquires-team-task-management-and-collaboration-app-kickoff/. 
  8. ↑ 8.0 8.1 Li, Roland (2019-10-24). "2nd most valuable U.S. startup to leave SF as city loses another headquarters" (in en-US). https://www.sfchronicle.com/business/article/2nd-most-valuable-U-S-startup-to-leave-SF-as-14558067.php. 
  9. ↑ Carr, Austin (February 1, 2012). "Inside Stripe, The Paypal Competitor Backed By Paypal Founders Peter Thiel, Elon Musk". FastCompany. http://www.fastcompany.com/1813087/inside-stripe-paypal-competitor-backed-paypal-founders-peter-thiel-elon-musk. 
  10. ↑ Lunden, Ingrid. "Stripe debuts Radar anti-fraud AI tools for big businesses, says it has halted $4B in fraud to date" (in en-US). https://techcrunch.com/2018/04/18/stripe-debuts-radar-anti-fraud-ai-tools-for-big-businesses-says-it-has-halted-4b-in-fraud-to-date/. 
  11. ↑ "Stripe launches a new billing tool to tap demand from online businesses" (in en-US). https://techcrunch.com/2018/04/05/stripe-launches-a-new-billing-tool-to-tap-demand-from-online-businesses/. 
  12. ↑ "Stripe Terminal" (in en). https://stripe.com/blog/terminal. 
  13. ↑ "Stripe Makes Terminal Available Across The US" (in en-US). 2019-06-11. https://www.pymnts.com/news/point-of-sale/2019/stripe-terminal-us/. 
  14. ↑ "Stripe Terminal is now generally available in the US" (in en). https://stripe.com/blog/terminal-in-person-payments. 
  15. ↑ "Stripe Terminal Readers" (in en). https://stripe.com/docs/terminal/readers. 
  16. ↑ "Stripe Expands Startup Tools With Atlas, For Foreign Companies To Incorporate In Delaware" (in en-US). TechCrunch. https://beta.techcrunch.com/2016/02/24/stripe-expands-startup-tools-with-atlas-a-way-for-global-companies-to-incorporate-in-delaware/. 
  17. ↑ "Stripe's startup toolkit Atlas opens for business in Cuba" (in en-US). TechCrunch. https://techcrunch.com/2016/03/18/stripes-startup-toolkit-atlas-opens-for-business-in-cuba/. 
  18. ↑ https://stripe.com/blog/atlas-llc [bare URL]
  19. ↑ Verhage, Julie; Huet, Ellen (26 July 2018). "Stripe Starts Issuing Credit Cards". Bloomberg News. https://www.bloomberg.com/news/articles/2018-07-26/stripe-starts-issuing-credit-cards. 
  20. ↑ "Payments Startup Stripe Rolls Out Card Issuing for U.S. Clients" (in en). Bloomberg.com. 2020-04-23. https://www.bloomberg.com/news/articles/2020-04-23/payments-startup-stripe-rolls-out-card-issuing-for-u-s-clients. 
  21. ↑ "Stripe Blog: Stripe Press". Stripe. https://stripe.com/blog/stripe-press. 
  22. ↑ "Stripe launches Stripe Capital to make instant loan offers to customers on its platform" (in en-US). https://social.techcrunch.com/2019/09/05/stripe-launches-stripe-capital-to-make-instant-loan-offers-to-customers-on-its-platform/. 
  23. ↑ "Stripe Climate is a new tool to let Stripe customers make carbon removal purchases" (in en-US). https://techcrunch.com/2020/10/28/stripe-climate-is-a-new-tool-to-let-stripe-customers-purchase-credits-towards-carbon-removal-efforts/. 
  24. ↑ Arrington, Michael (March 28, 2011). "Stealth Payment Startup Stripe Backed By PayPal Founders". TechCrunch. https://techcrunch.com/2011/03/28/stealth-payment-startup-stripe-paypal/. 
  25. ↑ "Stripe: instant payment processing for developers". Hacker News. 29 September 2011. https://news.ycombinator.com/item?id=3053883. 
  26. ↑ "Stripe expands to 5 new markets" (in en). https://ecommercenews.eu/stripe-expands-to-5-new-markets-in-europe/. 
  27. ↑ "portfolio" (in en-US). https://piabo.net/en/portfolio/. 
  28. ↑ "Stripe acquires Nigeria's Paystack for $200M+ to expand into the African continent" (in en-US). https://social.techcrunch.com/2020/10/15/stripe-acquires-nigerias-paystack-for-200m-to-expand-into-the-african-continent/. 
  29. ↑ Kene-Okafor, Tage (2020-10-15). "Paystack has been acquired by Stripe in a deal rumoured to be around $200m" (in en-US). https://techpoint.africa/2020/10/15/paystack-acquired-by-stripe/. 
  30. ↑ "Stripe buys Nigeria's Paystack" (in en). 2020-10-15. https://www.finextra.com/newsarticle/36762/stripe-buys-nigerias-paystack. 
  31. ↑ "Stripe acquires Nigerian fintech startup, Paystack for over $200 million" (in en). 2020-10-15. https://techcabal.com/2020/10/15/stripe-acquires-paystack/. 
  32. ↑ Nunez, Adriana. "Stripe is planning to expand its business in Southeast Asia, China, India, and Japan". https://www.businessinsider.com/stripe-is-eyeing-asia-pacific-expansion2020-12. 
  33. ↑ 33.0 33.1 "Stripe closes $600M round at a $95B valuation" (in en-US). https://social.techcrunch.com/2021/03/14/stripe-closes-600m-round-at-a-95b-valuation/. 
  34. ↑ Lunden, Ingrid. "Stripe acquires TaxJar to add cloud-based, automated sales tax tools into its payments platform". https://techcrunch.com/2021/04/27/stripe-acquires-taxjar-to-add-cloud-based-automated-sales-tax-tools-into-its-payments-platform/. 
  35. ↑ "Stripe Press resources". http://stripe.com/press. 
  36. ↑ Mitroff, Sarah (9 February 2012). "Stripe attracts $18M in funding at $100M valuation". VentureBeat. https://venturebeat.com/2012/02/09/stripe-funding-valuation/. 
  37. ↑ Warnimont, Joe (4 April 2018). "Stripe Review: Payment Processor with Advanced Development and Clear Pricing". Ecommerce Platforms. https://ecommerce-platforms.com/ecommerce-reviews/stripe-review. 
  38. ↑ Tsotsis, Alexia (9 July 2012). "Sexy Payments Startup Stripe Swipes $20M From General Catalyst, Sequoia, Thiel And More". TechCrunch. https://techcrunch.com/2012/07/09/payments-startup-stripe-swipes-20m-from-general-catalyst-sequoia-thiel-and-more/. 
  39. ↑ "Stripe expands its Atlas startup kit to let founders form LLCs" (in en-US). TechCrunch. https://techcrunch.com/2018/04/30/stripe-expands-its-atlas-startup-kit-let-founders-form-llcs/. 
  40. ↑ Vance, Ashlee (September 26, 2018). "Payment Startup Stripe Is Now a $20 Billion Company". https://www.bloomberg.com/news/articles/2018-09-26/payment-startup-stripe-is-now-a-20-billion-company?srnd=technology-vp. 
  41. ↑ Rooney, Ryan Browne,Kate (2019-01-30). "Stripe rides the online payments boom to a $22.5 billion valuation" (in en). https://www.cnbc.com/2019/01/30/stripe-raises-100-million-from-tiger-global-at-22point5-billion-valuation.html. 
  42. ↑ Lunden, Ingrid. "Stripe raises $600M at $36B valuation in Series G extension, says it has $2B on its balance sheet". TechCrunch. https://techcrunch.com/2020/04/16/stripe-raises-600m-at-36b-valuation-in-series-g-extension-says-it-has-2b-on-its-balance-sheet/. 
  43. ↑ 43.0 43.1 "Challenger bank Monzo raises another £71M from Goodwater Capital, Stripe and Michael Moritz" (in en-US). http://social.techcrunch.com/2017/11/06/monzo-moolah/. 
  44. ↑ 44.0 44.1 "Monzo, the UK challenger bank, raises £85M Series E at a £1B pre-money valuation" (in en-US). http://social.techcrunch.com/2018/10/30/monzocorn/. 
  45. ↑ Cook, James (2019-06-25). "Monzo's valuation hits £2bn as the digital bank raises £113m in fresh funding" (in en-GB). The Telegraph. ISSN 0307-1235. https://www.telegraph.co.uk/technology/2019/06/24/monzos-valuation-hits-2bn-digital-bank-raises-113m-fresh-funding/. 
  46. ↑ "Monzo, the UK challenger bank, raises £113M Series F led by YC's Continuity fund at a £2B post-money valuation" (in en-US). http://social.techcrunch.com/2019/06/24/monzo-series-f/. 
  47. ↑ "Paystack, with ambitions to become the Stripe of Africa, raises $8M from Visa, Tencent… and Stripe itself" (in en-US). http://social.techcrunch.com/2018/08/28/paystack-with-ambitions-to-become-the-stripe-of-africa-raises-8m-from-visa-tencent-and-stripe-itself/. 
  48. ↑ "Manila-based payments processing startup PayMongo raises $2.7 million in seed funding" (in en-US). http://social.techcrunch.com/2019/09/25/manila-based-payments-processing-startup-paymongo-raises-2-7-million-in-seed-funding/. 
  49. ↑ "Pakistani fintech Safepay raises seed funding from Stripe, others" (in en-US). 2021-02-11. https://www.menabytes.com/safepay-seed/. 
  50. ↑ "Step raises $22.5 million to help teens manage their money" (in en-US). 2019-06-06. https://venturebeat.com/2019/06/06/step-raises-22-5-million-to-help-teens-manage-their-money/. 
  51. ↑ "Stripe leads $20M Series A into Fast, which is building a universal checkout service for e-commerce" (in en-US). https://social.techcrunch.com/2020/03/26/stripe-leads-20m-series-a-into-fast-which-is-building-a-universal-checkout-service-for-e-commerce/. 
  52. ↑ "Fast raises $102M as the online checkout wars continue to attract huge investment" (in en-US). https://techcrunch.com/2021/01/26/fast-raises-102m-as-the-online-checkout-wars-continue-to-attract-huge-investment/. 

Further reading

External links




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