Monday 15 March 2021 9:48 am

Stripe tops US startup rankings as valuation jumps to $95bn

Digital payments firm Stripe has become the most valuable private company in Silicon Valley after fresh funding drove up its price tag to $95bn (£68bn).

The financial services firm last night announced it had raised $600m in fresh capital from investors including Allianz, Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital, and Ireland’s National Treasury Management Agency.

Stripe, founded by Irish brothers Patrick and John Collison, has seen its valuation almost triple in less than a year amid booming demand for online payments.

Its valuation is now higher than those of Facebook and Uber before they went public.

Stripe said it would use the funds to invest in its operations in Europe, in particular its Dublin headquarters.

The company operates in 31 countries across Europe, making up the majority of its total 42 markets.

Its software has been used to drive payments on major tech platforms including Deliveroo, Klarna, N26 and Vinted.

But the firm, which is based in San Francisco and Dublin, has also cashed in on businesses ramping up their online operations during the pandemic, including Jaguar Land Rover and Waitrose.

“We’re investing a tonne more in Europe this year, particularly in Ireland,” said John Collison, President and co-founder of Stripe. “Whether in fintech, mobility, retail or SaaS, the growth opportunity for the European digital economy is immense.”

Stripe has previously outlined plans to expand across Asia, including in southeast Asia, Japan, China and India.

The firm has recently bolstered its board, hiring former Bank of England governor Mark Carney and Christa Davies, chief financial officer at Aon.