Stripe receives second round funding led by Sequoia Capital

Second round funding

San Francisco based online payment system provider Stripe has raised $18 million in second round funding, Bloomberg reports. The funding round was led by Sequoia Capital who, along with other investors including PayPal’s Max Levchin, valued the company at $100 million. In 2010 Sequoia Capital contributed $17 million to a seed funding round totalling $1.8 million in which PayPal’s other co-founders, Peter Thiel and Elon Musk, also invested. Stripe provides a platform to take online payments without having to set up a merchant bank account or store consumer card details. PayPal’s investment in Stripe is noteworthy as the two companies are in direct competition.

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