Stripe has dethroned Elon Musk’s SpaceX to become the second most valuable unicorn worldwide. It provides financial services online.
The company has its base in Silicon Valley. With a valuation of $95 billion, Stripe has established itself as the trusted fintech startup in the US. Recent funding of $600 million helped Stripe to reach this position.
Current Financial Growth of Stripe
Stripe was founded in 2010 to ease the payment service procedures. The company is also planning to enter in Indian fintech market very soon. Bytedance is way ahead of Stripe with a whopping valuation of $140 billion, as per CB Insights report. SpaceX, Elon Musk owned startup, stands at 3rd place with the latest valuation figure of $74 billion.
Stripe saw the participation of different investors like Allianz X, Axa, Bailie Gifford, Fidelity Management & Research Company, Sequoia Capital and Ireland’s National Treasury Management Agency participated in the current funding round of $600 million.
Talking about the future plans, John Collison, president and Co-founder of Stripe said:
“We’re investing a ton more in Europe this year, particularly in Ireland. Whether in fintech, mobility, retail or SaaS, the growth opportunity for the European digital economy is immense.”
Expansion Plans of Stripe
When asked about the entry into the Indian fintech ecosystem, he said:
“In 2021, Stripe will continue to build its global payments and treasury network, further expanding its suite of software and services to help ambitious businesses drive more revenue. Stripe will also soon be available to millions more businesses in Brazil, India, Indonesia, Thailand and the UAE.”
The company is developing an online financial system that will bring a great impact on the online commerce industry in 2030.
“We’re investing in the infrastructure that will power internet commerce in 2030 and beyond,” said Dhivya Suryadevara, Stripe’s chief financial officer.
The startup ecosystem is growing exponentially worldwide. India has also contributed immensely to startup ecosystem development.
Digit Insurance, Innovaccer and Infra.market are the three fintech unicorns from India in 2021.
As per the Nasscom and Zinnov report, India will create 50+ unicorn club in 2021. India had 12 new unicorns in 2020.
Stripe is an Irish-American Company. It has two headquarter: first in the US and second in Ireland. It primarily operates in payment processing software related activities. It also develops API(Application Programming Interfaces) for e-commerce sites and mobile apps.
It recorded a revenue of $450 million in 2019. It provides different payment plans to the companies based on their transaction sizes. 2.9%+ is the standard commission Stripe earns from a successful transaction.