Online payment processing startup Stripe has reached a monumental $35 billion pre-money valuation following its latest funding round.
An additional $250 million was generated from investors including General Catalyst, Sequoia, and Andreessen Horowitz leading them to reach the milestone, a 55% increase on its valuation following a smaller fundraising round last year.
Stripe said it will use the capital invested to focus on three key areas of the firm: accelerating international expansion; growing its product suite; and extending its enterprise capabilities.
“Even now, in 2019, less than eight percent of commerce happens online,” said John Collison, President and co-founder, Stripe.
“We’re investing now to build the infrastructure that’ll power internet commerce in 2030 and beyond. If we get it right, we can help the internet fulfill its potential as an engine for global economic progress.”
Stripe processes billions of dollars a year for millions of businesses worldwide including: Wayfair, Twilio, GitHub, and The RealReal.
The San Francisco headquartered fintech has recently launched in eight additional countries and is set to expand further in the coming months; this will bring the total to 40 countries with more launches planned for 2020.
Stripe has also built a programmable infrastructure for global money movement – dubbed the Global Payments and Treasury Network (GPTN).
This is along with its continuing growth of solutions and services such as its Connect, Billing, Terminal, and Radar products plus the recent launch of its corporate cards.