Digital payments processor Stripe has announced “collaboration” with Visa following a US$5 billion dollar valuation.
The move, which will see Stripe work with the credit card giant ways to improve digital transactions, comes as Stripe secures major investment from Visa, American Express and Sequoia Capital.
The New York Times reports that while the official figure has not been disclosed, it stands at “less than US$100 million.” A considerable advance nonetheless, the paper notes, given Stripe’s US$70 million investment and US$3.5 billion valuation around six months ago.
“As Stripe thinks about the best ways to move the overall payments ecosystem forward, the biggest determinants on the financial side are the credit card networks,” Patrick Collison, co-founder and CEO of Stripe, told the publication. “We hope to continue working closely with them.”
Stripe made waves in the Bitcoin community following the rollout of its Bitcoin merchant tools in February after a year of beta testing. The latest partnerships, along with the technology’s Apple Pay and Alipay integrations, suggest a broader move to tackle the likes of PayPal, which both Stripe and Visa see as major disruptive competition.
In a discussion with