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Stripe (company)

From Wikipedia, the free encyclopedia

Stripe, Inc.
TypePrivate
Industry
Founded2010; 11 years ago (2010)
FoundersPatrick and John Collison
Headquarters
Area served
European Union, Australia, Canada, Hong Kong, Japan, Malaysia, Malta, Mexico, New Zealand, Norway, Singapore, Switzerland, United Kingdom, United States
Beta Brazil, India
Services
  • Payments
  • Billing
  • Connect
  • Sigma
  • Atlas
  • Radar (fraud prevention)
  • Issuing
  • Terminal
RevenueIncrease $450 Million (2019)[1]
Number of employees
2,500+ (June 2020)
Websitestripe.com
Footnotes / references
[2]

Stripe is an American financial services and software as a service (SaaS) company dual-headquartered in San Francisco, California and Dublin, Ireland.[3] The company primarily offers payment processing software and application programming interfaces (APIs) for e-commerce websites and mobile applications.[4]

History

Irish entrepreneur brothers John and Patrick Collison founded Stripe in 2010, initially using the name /dev/payments.[5][6][7] In March 2013, Stripe made its first acquisition, Kickoff, a chat and task-management application.[8] In 2012, the company moved from Palo Alto to San Francisco.[7] In October 2019, the company announced that it would be moving from the South of Market area to Oyster Point in the neighboring city of South San Francisco in 2021.[7]

Services

Payment processing

Stripe provides APIs that web developers can use to integrate payment processing into their websites and mobile applications.[9]

In April 2018, the company released anti-fraud tools, branded "Radar", that block fraudulent transactions.[10]

In 2018, the company expanded its services to include a billing product for online businesses, allowing businesses to manage subscription recurring revenue and invoicing.[11]

On June 11, 2019, Stripe's point of sale service, called Terminal, was made available to U.S. users. Terminal had previously been invite-only.[12] The service offers physical credit card readers designed to work with Stripe.[13][14] As of July 2020, Terminal supports two card readers: Verifone P400 and BBPOS Chipper 2X BT.[15]

Corporate finance

On February 24, 2016, the company launched the Atlas platform to help startups register as U.S. corporations. The platform originally launched as invite-only.[16] In March 2016, Cuba was added to the list of countries covered under the program.[17] Companies registered using Atlas can be Delaware-based C corporations, or, as of April 30, 2018, limited liability companies.[18]

In July 2018, Stripe began a platform for companies to issue Mastercard and Visa credit cards, and in April 2020 expanded the product's availability to include all U.S. users.[19][20]

Other

In 2018, Stripe started a publishing company named Stripe Press to promote ideas that support innovative businesses.[21]

In 2019, Stripe began offering loans and credit cards to businesses in the United States. The company stated that loans are approved automatically using machine learning models, with no human intervention.[22]

In October 2020, Stripe announced Stripe Climate, a service for businesses to fund atmospheric carbon research and capture.[23]

Growth

In May 2011, Stripe received a $2 million investment from venture capitalists Peter Thiel, Sequoia Capital, and Andreessen Horowitz.[24] Stripe launched publicly in September 2011 after an extensive private beta.[25]

In May 2020, Stripe expanded its services in 5 new markets in Europe: the Czech Republic, Romania, Bulgaria, Cyprus, and Malta.[26]

On October 15, 2020, Stripe acquired Paystack, a Nigerian payment processor, in a deal reportedly worth over $200 million with the aim of expanding its services into Africa.[27][28][29]

In December 2020, Stripe announced plans to expand in Southeast Asia (SEA), China, India, and Japan. It increased its staff in the region by 200 employees.[30]

Funding History
Date Funding Type Number of Investors Money Raised Lead Investor Valuation
Aug 2, 2010 Seed Round 1 Y Combinator [31]
Mar 28, 2011 Seed Round 4 $2M
Feb 9, 2012 Series A 1 $18M Sequoia Capital $100M[32][33]
Jul 9, 2012 Series B 9 $20M General Catalyst [34]
Jan 22, 2014 Series C 4 $80M Founders Fund $1.75bn
Dec 2, 2014 Series C 7 $70M Thrive Capital $3.5bn
Jul 31, 2015 Series C 7 $100M
Nov 25, 2016 Series D 3 $150M CapitalG, General Catalyst $9bn[35]
Sep 27, 2018 Series E 5 $245M Tiger Global Management $20bn[36]
Jan 29, 2019 Series F 1 $100M Tiger Global Management $22.5bn[37]
Sep 19, 2019 Series G 3+ $250M Sequoia Capital, General Catalyst and Andreessen Horowitz $35B
Apr 16, 2020 Series G Extension 3+ $600M Sequoia Capital, General Catalyst, GV and Andreessen Horowitz $36B[38]

Criticism

In January 2021 Stripe has reportedly shut down the President Trump campaign’s payment processing services. This prevents the Trump campaign from accepting donations by credit card. Stripe alleges that President Trump violated the company’s policies against “encouraging violence” following events on Capitol Hill.[39][40]

Investments

Stripe is reported to have participated in two funding rounds for Monzo, a "challenger bank" based in the U.K. Stripe's first investment in Monzo was reported on November 6, 2017,[41] with a second investment in Monzo's Series E fundraising round reported on October 10, 2018.[42] Monzo's valuation grew from approximately $350 million[41] to $1.27 billion[42] through these two rounds of fundraising. Stripe participated in a third round of funding for Monzo on June 24, 2019, which raised approximately $144 million in funding for Monzo at a valuation of approximately $2.5 billion.[43][44]

Stripe has invested in companies offering similar services as themselves, but in different geographical regions. In August 2018, Stripe invested in Paystack, a Nigerian payment processor,[45] and, in September 2019, invested in PayMongo, a Philippine payment processor.[46]

On June 6, 2019, Stripe led a $22.5 million fundraising round for Step, a financial services startup offering fee-free bank accounts to teenagers.[47]

On March 26th, 2020, Stripe led a $20 million Series A fundraising round for Fast, a company creating a universal, one-click checkout service.[48]

See also

References

  1. ^ https://www.forbes.com/sites/miguelhelft/2016/01/04/cashiers-of-the-internet/?sh=1dc2acec74b5
  2. ^ "Stripe: About page". stripe.com.
  3. ^ "Stripe: About page". stripe.com.
  4. ^ "Inside Stripe, The PayPal Competitor Backed By PayPal Founders Peter Thiel, Elon Musk".
  5. ^ "The Collison Brothers and Story Behind The Founding Of Stripe". Startup Grind. February 9, 2012. Archived from the original on April 7, 2014. Retrieved April 2, 2014.
  6. ^ Brockman, Greg (April 2, 2014). "How Did Stripe Come Up With Its Name?". Forbes. Retrieved April 2, 2014.
  7. ^ a b c Li, Roland (2019-10-24). "2nd most valuable U.S. startup to leave SF as city loses another headquarters". San Francisco Chronicle. Retrieved 2020-03-17.
  8. ^ Rao, Leena. "Payments Company Stripe Makes First Acquisition, Buys Team Task Management And Collaboration App Kickoff". TechCrunch. Retrieved 16 January 2014.
  9. ^ Carr, Austin (February 1, 2012). "Inside Stripe, The Paypal Competitor Backed By Paypal Founders Peter Thiel, Elon Musk". FastCompany. Retrieved April 2, 2014.
  10. ^ Lunden, Ingrid. "Stripe debuts Radar anti-fraud AI tools for big businesses, says it has halted $4B in fraud to date". techcrunch.com. Retrieved 2018-04-18.
  11. ^ "Stripe launches a new billing tool to tap demand from online businesses". techcrunch.com. Retrieved 2018-04-26.
  12. ^ "Stripe Terminal". stripe.com. Retrieved 2018-11-20.
  13. ^ "Stripe Makes Terminal Available Across The US". PYMNTS.com. 2019-06-11. Retrieved 2019-06-14.
  14. ^ "Stripe Terminal is now generally available in the US". stripe.com. Retrieved 2019-06-14.
  15. ^ "Stripe Terminal Readers". Retrieved 2019-10-18.
  16. ^ "Stripe Expands Startup Tools With Atlas, For Foreign Companies To Incorporate In Delaware". TechCrunch. Retrieved 2018-05-01.
  17. ^ "Stripe's startup toolkit Atlas opens for business in Cuba". TechCrunch. Retrieved 2018-05-01.
  18. ^ https://stripe.com/blog/atlas-llc
  19. ^ Verhage, Julie; Huet, Ellen (26 July 2018). "Stripe Starts Issuing Credit Cards". Bloomberg News. Retrieved 28 July 2018.
  20. ^ "Payments Startup Stripe Rolls Out Card Issuing for U.S. Clients". Bloomberg.com. 2020-04-23. Retrieved 2021-01-16.
  21. ^ "Stripe Blog: Stripe Press". Stripe Blog. Stripe. Retrieved 23 December 2020.
  22. ^ "Stripe launches Stripe Capital to make instant loan offers to customers on its platform". TechCrunch. Retrieved 2020-06-25.
  23. ^ "Stripe Climate is a new tool to let Stripe customers make carbon removal purchases". TechCrunch. Retrieved 2020-10-28.
  24. ^ Arrington, Michael (March 28, 2011). "Stealth Payment Startup Stripe Backed By PayPal Founders". TechCrunch. Retrieved February 14, 2014.
  25. ^ "Stripe: instant payment processing for developers". Hacker News. 29 September 2011. Retrieved 14 February 2014.
  26. ^ "Stripe expands to 5 new markets". Ecommerce News Europe. Retrieved 2020-05-28.
  27. ^ "Stripe acquires Nigeria's Paystack for $200M+ to expand into the African continent". TechCrunch. Retrieved 2020-10-15.
  28. ^ Kene-Okafor, Tage (2020-10-15). "Paystack has been acquired by Stripe in a deal rumoured to be around $200m". Techpoint Africa. Retrieved 2020-10-15.
  29. ^ "Stripe buys Nigeria's Paystack". Finextra Research. 2020-10-15. Retrieved 2020-10-15.
  30. ^ Nunez, Adriana. "Stripe is planning to expand its business in Southeast Asia, China, India, and Japan". Business Insider. Retrieved 2020-12-14.
  31. ^ "Stripe Press resources".
  32. ^ Mitroff, Sarah (9 February 2012). "Stripe attracts $18M in funding at $100M valuation". VentureBeat. Retrieved 14 February 2014.
  33. ^ Warnimont, Joe (4 April 2018). "Stripe Review: Payment Processor with Advanced Development and Clear Pricing". Ecommerce Platforms. Retrieved 4 May 2018.
  34. ^ Tsotsis, Alexia (9 July 2012). "Sexy Payments Startup Stripe Swipes $20M From General Catalyst, Sequoia, Thiel And More". TechCrunch. Retrieved 14 February 2014.
  35. ^ "Stripe expands its Atlas startup kit to let founders form LLCs". TechCrunch. Retrieved 2018-05-01.
  36. ^ Vance, Ashlee (September 26, 2018). "Payment Startup Stripe Is Now a $20 Billion Company". www.bloomberg.com. Retrieved 2018-09-27.
  37. ^ Rooney, Ryan Browne,Kate (2019-01-30). "Stripe rides the online payments boom to a $22.5 billion valuation". CNBC. Retrieved 2019-08-06.
  38. ^ Lunden, Ingrid. "Stripe raises $600M at $36B valuation in Series G extension, says it has $2B on its balance sheet". TechCrunch. Retrieved 16 April 2020.
  39. ^ Miguel, Luis (2021-01-12). "Payment Processor Stripe Terminates Trump, Preventing Campaign From Receiving Donations". The New American. Archived from the original on 2021-01-14.
  40. ^ Fischer, Sara; Gold, Ashley (2011-01-11). "All the platforms that have banned or restricted Trump so far". Axios. Archived from the original on 2011-01-14.
  41. ^ a b "Challenger bank Monzo raises another £71M from Goodwater Capital, Stripe and Michael Moritz". TechCrunch. Retrieved 2019-06-14.
  42. ^ a b "Monzo, the UK challenger bank, raises £85M Series E at a £1B pre-money valuation". TechCrunch. Retrieved 2019-06-14.
  43. ^ Cook, James (2019-06-25). "Monzo's valuation hits £2bn as the digital bank raises £113m in fresh funding". The Telegraph. ISSN 0307-1235. Retrieved 2019-07-16.
  44. ^ "Monzo, the UK challenger bank, raises £113M Series F led by YC's Continuity fund at a £2B post-money valuation". TechCrunch. Retrieved 2019-07-16.
  45. ^ "Paystack, with ambitions to become the Stripe of Africa, raises $8M from Visa, Tencent… and Stripe itself". TechCrunch. Retrieved 2019-06-14.
  46. ^ "Manila-based payments processing startup PayMongo raises $2.7 million in seed funding". TechCrunch. Retrieved 2019-09-26.
  47. ^ "Step raises $22.5 million to help teens manage their money". VentureBeat. 2019-06-06. Retrieved 2019-06-14.
  48. ^ "Stripe leads $20M Series A into Fast, which is building a universal checkout service for e-commerce". TechCrunch. Retrieved 2020-04-16.

External links

This page was last edited on 16 January 2021, at 18:01
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