Other fintech firms and some Silicon Valley tech startups have struggled to maintain their valuations. The share price for Square Inc., for instance, has stagnated since that company went public in 2015.
General Catalyst Partners and Capital G., an investing arm of Alphabet Inc., co-led the funding round, which also included Sequoia Capital. Michael Moritz, a Sequoia Capital partner, said it was a bullish sign that Stripe could sell new equity at a significantly higher valuation in a buyer’s market.
Stripe separately received a credit line from banks such as Goldman Sachs Group Inc., Barclays PLC, Morgan Stanley and J.P. Morgan Chase Co.
Stripe On Acquisition Trail
Wayne Gaybrick, Stripe chief financial officer, said Stripe raised the funds to acquire companies and invest in global expansion. Stripe has acquired three firms and launched in France, Japan, France, Singapore and Spain this year.