Stripe valuation hits $95bn after $600m funding round
Mar 15, 2021 02:32 EDT with 7 comments
According to the Financial Times (paywall), the online payment processing firm Stripe now has a valuation of $95 billion, making it the most valuable firm in Silicon Valley. It comes after the company s latest financing round which saw it raise $600 million in new equity from organisations including Ireland’s National Treasury Management Agency, Allianz, Fidelity, Baillie Gifford, AXA, and Sequoia Capital.
The 11-year-old company has done well in the pandemic as more businesses have gone online and sought out a payments processor for their online orders. John Collison, one of the founders of Stripe, said that it’s now handling 5,000 requests every second including payments, refunds, and customer data checks.
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The local e-commerce market reached 7 billion euros last year, up 36% compared to 2019, according to internal and external data analyzed by PayU, the leader of Romania s online payment market. E-commerce is one of the fastest growing sectors, and Romania is no exception, registering an accelerated evolution, amid the COVID-19 pandemic, which would normally have occurred in years. This evolution had a direct impact in the growth of e-commerce and in the acceleration of the adoption of online payment by card. The main actors that supported this rapid growth were merchants and buyers, said Elena Gheorghe, PayU Romania country manager.