The pandemic threatened Stripe Inc. to weaken. Instead, it turbocharged the company.
Stripe processes payments for e-commerce businesses and keeps a small reduction of each purchase as a fee for its services. When home orders dropped expenses early in the pandemic and repayment requests skyrocketed, the outlook was not great.
Then move everything online. More than 500,000 doctor offices, farmers markets and other businesses have switched to online payments and used Stripe to do so. As people worked at home, renovated, or both, Stripe customers like Peloton Interactive Inc. and Wayfair Inc. enjoy sincere sales.
According to people with knowledge of the company’s finances, Stripe’s revenue increased by almost 70% last year, to about $ 7.4 billion. Other start-ups may have faster programs or more reputable brands, but Stripe has shown that it is better to be a workhorse than a show pony.
According to data firm PitchBook, Stripe is now on top of a $ 95 billion valuation – the highest for a private company in Silicon Valley – and Stripe is expanding overseas and is ready to go public and work on building a one-time financial supermarket for the internet economy.