Another winner from consumers’ online habits expanding during the pandemic is Stripe, which announced Sunday it raised a $600 million round of funding.
The company’s new value, $95 billion, is nearly triple its last reported valuation of $36 billion from April 2020, according to PitchBook data.
The online payments technology provider, which makes software to let businesses accept digital payments, continues its global expansion.
In a company release, the plan is to fortify its European operations, where 31 of the 42 countries in which Stripe operates are located.
Stripe, now more than 10 years old, is outpacing its No. 2 private fintech competitor, Robinhood, by $11.7 billion in valuation.
Stripe could see the opportunity coming. In its previous funding round last April, the company saw the COVID-19 outbreak as “pushing the economy online” and said “several years of offline-to-online migration are being compressed into several weeks.”
Stripe is now the most highly valued U.S. “unicorn (a privately held startup worth at least $1 billion),” ahead of Elon Musk’s SpaceX.
“We’re investing in the infrastructure that will power internet commerce in 2030 and beyond,” wrote chief financial officer Dhivya Suryadevara, who joined the company in August after moving out of her role as General Motors’ CFO.
“The pandemic taught us many things about society, including how much can be achieved — and paid for — online, but the internet still isn’t the engine for global economic progress that it could be.”
According to a CNBC story, in December, the company debuted banking services through partnerships with Goldman Sachs, Citigroup, Barclays and Evolve Bank & Trust.
Stripe is seen as a top IPO candidate, but company founders John and Patrick Collison have been consistently noncommittal when asked by reporters.