INSUBCONTINENT EXCLUSIVE:
The economy may be contracting as a result of the COVID-19 pandemic, but promising startups are still continuing to raise money to shore up
raised another $600 million in new capital, money that it plans to use to continue investing in product development, further global
expansion and strategic initiatives.The company has become an active investor in a number of startups, some which are strategic partners for
the company as it moves into new areas to complement its core online payments business.It also added in its announcement that it currently
has $2 billion on its balance sheet, a key number that underscores the message that the company is taking this investment not to survive but
to further thrive, and that it may well choose to do so by remaining a private company, as it does not appear to have any need to go to the
public markets to raise funds.Making it easier to integrate payments into an online service has long been one of the reasons why Stripe has
been on a growth tear: it arrived at a time when other solutions were still too fragmented and complicated, and its impact on the wider
e-commerce market has seen a number of its competitors and other new entrants offer equally simplified products.But its ease of use has
taken on a new significance in recent times, with a huge surge of business coming online from consumers and businesses who can no longer
who never dreamt of using the internet to see the doctor or buy groceries are now doing so out of necessity
president and co-founder of Stripe, in a statement (his brother Patrick, the co-founder and CEO, is pictured above)
Stripe has never been very transparent about how many customers it has or any of its financials: this is one hint of how it is doing for the
Andreessen Horowitz, General Catalyst, GV and Sequoia
pre-money valuation seven months ago).The payments giant has raised around $1.6 billion with this new investment, according to known
investment totals.Stripe was recently in the news when one its investors, Sequoia, put $21 million into a payments company called Finix
Its users today include Zoom, Caviar, Coupa, Just Eat, Keap, Lightspeed, Mattel, NBC and Paid.
