Elon Musk’s SpaceX was knocked off the top of the most valuable startup list. In its place? A company you’ve probably used to shop online.
Online payment processor Stripe raised $600 million in its latest funding round, nearly tripling its valuation to $95 billion. It was valued at $36 billion last April.
Stripe’s software accepts payments and other transactions for millions of businesses, including sports-based ones like OpenSports and LeagueApps — online platforms that organize community sports groups and events.
“I view this as a bit more opportunistic,” Chief Financial Officer Dhivya Suryadevara said about Stripe’s additional funding. The company “is highly capital efficient.”
PayPal is still the sector’s leader with a $359 billion valuation. It’s been public since 2002 and is integrated with most sports betting services. Square has also seen an uptick in use with sports organizations and has deals with stadiums like Nationals Park and the Chase Center.
Board member Mike Moritz considers the $600 million a “rainy day” fund. “It pays to have a little more insurance,” he said.
Stripe plans to use the latest round of funding to invest in its European operations as global payments and e-commerce continue to grow.
