Thursday, 27 September 2018 11:38

Stripe gives PayPal 20 billion reasons to worry

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Fast growing PayPal competitor Stripe has announced a $245 million round of new funding, valuing the e-payments company at $20 billion, and has concurrently announced a new global engineering hub in Singapore.

Stripe, founded in 2010 by Irish entrepreneur brothers John and Patrick Collison, has received most of its start-up funding from many of the same Silicon Valley venture capital sources as PayPal, including Peter Thiel, Marc Andreessen and Sequoia Capital, among others.

The company already can list some of the bigger names in tech among its clients, including Google, Uber, and Spotify, while in Australia, Stripe provides financial infrastructure for Airtasker, Canva, and Vinomofo.

Stripe says its will use the latest round of funding to scale in key areas, including:

  • Rapidly expanding its international reach and scaling engineering talent around the world;

  • Growing the capabilities of its global payments and treasury network, which lets businesses move money quickly, reliably, and programmatically anywhere in the world; and
  • Continuing to build out its operations and enterprise features, as larger businesses move to the Stripe platform.


According to Stripe, while only 3% of global commerce is online today, that number is expected to grow to $4 trillion by 2020. And with more than 500 million people in Southeast Asia and India moving online in the next three years, businesses face a massive opportunity to tap into the globalisation of online commerce.

“We believe in the contingency of progress,” said Stripe chief executive and co-founder Patrick Collison. “Better global payments infrastructure will increase economic output, encourage entrepreneurship, and help upstarts compete with incumbents. By bringing Stripe into more markets and building out our capabilities for companies of all sizes, we hope to accelerate innovation around the world.”

Stripe is currently live in 25 countries. But to enable native buying experiences around the world, the company is building a distributed global engineering team. Adding to existing engineering hubs in San Francisco, Seattle, and Dublin, with the newest hub Singapore.

Online payments traditionally involves a sea of gateway providers, credit-card processors, merchant acquirers, and specialised payment methods and wallets that vary across markets around the world.

“From its early days, Stripe sought differentiation through its ease-of-implementation and pace of innovation,” said Jordan McKee, research director at 451 Research. “Over the past year, Stripe has broadened its capabilities with new products like Stripe Issuing, Stripe Terminal and Radar for Fraud Teams. The result is an integrated payments platform designed for use by startups and large enterprises alike.”

Stripe also claims to be building a new kind of integrated technology stack for the programmatic movement of money, which includes:

  • Advanced payments capabilities, such as supporting alternative payment methods, ACH and bank debits, and digital wallets;
  • Maintaining direct integrations with the major card networks;
  • Plugging into regional bank networks; offering instant payouts via debit cards for third-party sellers on marketplaces or platforms;
  • Revenue management, which allows users to move money in ways to increase top-line revenue, such as minimising decline rates and transacting in local currencies.; and
  • Global operations, which involves supporting businesses everywhere by removing hurdles around languages, regulatory bodies, FX, and cross-border payments.

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Stan Beer

 

Stan Beer co-founded iTWire in 2005. With 30 plus years of experience working in IT and Australian technology media, Beer has published articles in most of the IT publications that have mattered, including the AFR, The Australian, SMH, The Age, as well as a multitude of trade publications.

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