U.S. fintech startup Stripe valued at $20 billion in latest funding round
By Arunima Banerjee and Heather Somerville (Reuters) - Payments startup Stripe said on Wednesday it has raised $245 million in funding, better positioning the company to expand to new markets globally and attract bigger customers.
By Arunima Banerjee and Heather Somerville
(Reuters) - Payments startup Stripe said on Wednesday it has raised $245 million in funding, better positioning the company to expand to new markets globally and attract bigger customers.
The new funding round values San Francisco-based Stripe, whose products make it easier for companies to accept online payments and bill customers, at $20.25 billion, a dramatic surge from its most recent $9.2 billion valuation in 2016. Stripe will use the funds to fuel growth in key overseas markets such as Southeast Asia and India, where it plans to tap into the growth of the ecommerce industry to expand its payments products. More than 500 million people in Southeast Asia and India are expected to become online customers in the next three years, Stripe said.
Stripe also said it will open a new engineering hub in Singapore.
The company, which operates in 25 countries, charges a fee on each transaction processed through its platform. Its products have expanded to include credit cards, subscription-based billing and debit cards.
The latest funding round was led by billionaire investor Chase Coleman's hedge fund Tiger Global Management, along with DST Global and Sequoia, Stripe said.
The company also announced on Wednesday a number of new customers, including Alphabet Inc's
The list of customers shows how Stripe is targeting a new market of larger businesses. After launching in 2010, Stripe quickly became the payments service of choice for other Silicon Valley startups, offering a quick and relatively simple way to collect payments from customers without the hassle of traditional banking procedures.
"We think this investment will be helpful as we continue to march upmarket and serve these larger companies," said John Collison, who co-founded the company with his brother, Patrick.
In July, the startup partnered with digital payment providers Alipay and WeChat Pay to enable merchants using its platform globally to accept payments from hundreds of millions of Chinese consumers.
(Reporting by Arunima Banerjee in Bengaluru and Heather Somerville in San Francisco; Editing by Maju Samuel and Cynthia Osterman)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.