Allianz X and AXA participate in Stripe’s latest funding round
Online payments technology provider Stripe has raised a $600 million in a round that values the company at $95 billion. Primary investors include Allianz X, AXA, Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital, and Ireland’s National Treasury Management Agency (NTMA). The company will use the capital to invest in its European operations, and its Dublin headquarters in particular, support surging demand from “enterprise heavyweights” across Europe, and expand its Global Payments and Treasury Network.
Founded in 2010, Stripe has expanded its product offering to include invoicing, business incorporation services, and business financing among other things. The company is operational in 42 countries, with 31 of them located in Europe.
Stripe hasn’t made its way into insurance but it does integrate with insurance companies for the sake of getting coverage. The one and only example is Layr which claims that Stripe customers can purchase coverage without filling out an application or waiting on underwriting as it is able retrieve organizational information and a snapshot of payment metrics from the payments company.
Stripe now counts more than 50 category leaders – companies processing each more than $1 billion annually – as customers. Enterprise revenue is now both Stripe’s largest and its fastest growing segment, more than doubling year over year.
“Stripe is an accelerator of global economic growth and a leader in sustainable finance. We are convinced that, despite making great progress over the last 10 years, most of Stripe’s success is yet to come. We’re delighted to back Ireland’s and Europe’s most prominent success story, and, in doing so, to help millions of other ambitious companies become more competitive in the global economy.” – Conor O’Kelly, CEO of NTMA.
“Only 14% of commerce takes place online today, despite the global economy accelerating its shift to online in 2020. Stripe’s mission is to grow the GDP of the internet, making it easy for ambitious companies everywhere to grow their business.” – Stripe.