Online payments startup Stripe has announced that it has raised $245 million in latest funding, better positioning the company to expand to new markets globally and attract bigger customers.
The round was led by billionaire investor Chase Coleman’s hedge fund Tiger Global Management, along with DST Global and Sequoia, said the company. ohn Collison, who co-founded the company with his brother, Patrick, said in a statement, “We think this investment will be helpful as we continue to march upmarket and serve these larger companies.”
The new funding round values the 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.
The incoming capital will be used by the company to fuel growth in key overseas markets such as Southeast Asia and India, where it plans to tap into the growth of the e-commerce industry to expand its payments products.
The company, which currently 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.