FinTech Stripe is thinking a funding round to value it higher than the $36 billion it got on its previous round, reported by Bloomberg. According to the discussions with familiar people, the expectation is that the new valuation could hit as much as $70 billion or maybe as much as $100 billion, Bloomberg said.
Bloomberg also reported that If it got as high as $100 billion, it would make Stripe one of the most valuable venture-backed startups in the country.
Stripe’s software is utilized by businesses to accept payments. The company competes with giants like Square and PayPal, and has gained from the pandemic due to the growing reliance on eCommerce as the pandemic forced people to stay away from physical spaces, and consequently resulted in more digital payments.
Bloomberg reported that the company is starting its own card-issuing service for U.S. clients and making plans to acquire a startup from Nigeria to further African expansion.
The company has also been fundraising this year, including a $600 million round from April, from investors Andreessen Horowitz and Sequoia Capital, which afforded the company’s current $36 billion value. General Catalyst, Founders Fund and Khosla Ventures also participated, Bloomberg wrote.
Stripe was founded in 2010 by Irish brothers John and Patrick Collison, who sold their first company when they were teenagers for $5 million, according to Bloomberg.
