Entering a new funding round led by Tiger Global Management, along with DST Global and Sequoia, digital payment startup Stripe has grown in valuation to US$20.25 billion, noting a significant surge from its US$9.2 billion valuation in 2016, as reported by Reuters.
The new fund will be focused toward the company’s growth, especially in Southeast Asia and India, where it plans to join the e-commerce bandwagon, particularly to tie-in payments with e-commerce platforms. Specifically, the company said it will open an engineering hub in Singapore, to better address 500 million potential customers across Southeast Asia alone.
Stripe makes it easier for companies to accept online payments and bill customers. It currently operates in 25 countries, monetising from the charges it makes on each transaction processed through its platform.
Among its notable customers are fellow Silicon Valley giants like Alphabet Inc.’s Google, ride-hailing services Didi and Uber, as well as music streaming service Spotify. Recently, the startup, founded by brothers John and Patrick Collison, partnered with digital payment providers Alipay and WeChat Pay to enable merchants using its platform to accept payments from Chinese consumers.
Image Credit: Stripe