Stripe closes $600m Series G extension

Payments giant Stripe has closed a $600m extension to its Series G round, which was raised at a valuation of $35bn.

The new capital was supplied by Andreessen Horowitz, General Catalyst, GV, and Sequoia. With the funds, the company is looking to help its users during the uncertain times, it said.

With the capital, the company will look to support its launch into the Bulgaria, Cyprus, the Czech Republic, Hungary, Malta, and Romania markets, pursue strategic initiatives, deepen its software functions and hire more staff.

Stripe is a digital payments processor which provides business with the technology to complete transactions, implement billing and spend management services, and connect multi-party payments. Its product suite also includes business analytics and reporting, machine learning-powered fraud prevention, virtual and physical card creation, and in-person payments.

The FinTech has added a number of new customers to its services including Caviar, Coupa, Just Eat, Keap, Lightspeed, Mattel, NBC and Paid. In conjunction with the funding round, Stripe also revealed it has added video communication platform Zoom as a customer.

Stripe president and co-founder John Collison said, “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.

“We believe now is not the time to pull back, but to invest even more heavily in Stripe’s platform.”

Stripe previously secured $250m back in September 2019 from investors including General Catalyst, Sequoia, and Andreessen Horowitz. The funds were raised to support its international expansion to cover 40 countries, enhance its product suite and extend its enterprise capabilities.

The FinTech reached a valuation of £22.5bn in January 2019, after it closed a $100m investment from Tiger Global Management.

Last year, the payments company entered the Mexican market to support the country’s rising e-commerce space.

Stripe recently led the $20m Series A funding round of Fast, a startup building platform-agnostic login and checkout services.

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