Stripe, the biggest fintech company in the US, is about to consolidate its position at the top by almost doubling its valuation to $9.2 billion following Series D funding.
First reported by the Wall Street Journal, the latest funding round is being led by CapitalG, the investing branch of Alphabet Inc – Google’s parent company – and General Catalyst Partners, one of the company’s earliest investors. Other investors include Sequoia Capital.
The round will raise approximately $150m and the WSJ also reported that the company has separately received a credit line from banks including JP Morgan Chase and Goldman Sachs.
Since Stripe’s launch in 2010, it has managed to raise over $450m. Back in July, Stripe raised its valuation to $5 billion following investments from Visa, Amex and Sequoia Capital.
Back then, the company’s CEO, Patrick Collison, put its financial success down to momentum.
“I think the valuation jumped because of the surprising momentum of the business. Right now, we are ahead of our 2015 projections of revenue, and transaction volume from merchants,” he said.
Stripe’s CFO, Will Gaybrick, told the Journal that the Series D funds will be used to acquire more companies and further international expansion. The company has already this year launched in Japan, Spain, France and Singapore.
A further £2.5m is expected to be raised from crowdfunding on Tuesday.
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