Gerard Cassidy, managing director of RBC Capital Markets, explains why bank shares are rising on ‘Maria Walliro’s Wall Street’.
Stripe Inc. is the most valuable US company after acquiring a $ 600 million round of financing.
The online payment technology provider in San Francisco and Dublin is now valued at $ 95 billion, almost three times the $ 36 billion valuation it was awarded in April 2020.
Stripe plans to use the funds to invest in its European operations, particularly its headquarters in Dublin, to support the growing demand in the region and expand its global network of payments and treasury. Nearly 75% of the 42 countries that use Stripe are located in Europe, including many of the fastest growing companies on the continent.
OVERVIEW ANGLE OF STOCK PROTECTION PROTECTION OF VOLATILITY IN THE BOND MARKET
Primary investors in the financing round include Ireland’s national treasury management agency, insurers Allianz and AXA SA, investment managers Baillie Gifford and Fidelity Investments, venture capital firm Sequoia Capital.
Stripe now only follows China’s Bytedance ($ 140 billion) as the world’s most valuable startup, according to CB Insights. This is ahead of Elon Musk’s SpaceX ($ 74 billion) and Instacart Inc. ($ 39 billion) as the largest U.S. company.
Stripe has experienced tremendous growth over the past year as many of its customers have benefited from the boom in online shopping as a result of the COVID-19 pandemic. Customers include Amazon Inc., Wayfair Inc. and Shopify Inc.
Stripe will soon be available in Brazil, India, Indonesia, Thailand and the United Arab Emirates. The company says its mission is to grow internet GDP, which accounts for 14% of commerce.
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“The pandemic has taught us many things about society, including how much can be achieved online and what can be paid for, but the internet is still not the driving force for global economic progress,” said Dhivya Suryadevara, CFO , said.