Stripe has also been heavily investing in Europe over the last few years, expanding its Ireland and UK operations significantly.
Global payment platform provider Stripe has recently seen its valuation inch up to $70 billion (€63.97 billion) following Sequoia Capital making a move to purchase the former’s shares from investors wanting to cash out their holdings.
As reported by Bloomberg, Sequoia Capital is willing to purchase Stripe shares for $27.51 each, however, this price may potentially be subject to change, due to the details of the deal have not been revealed to the public yet.
Founded in Ireland, and headquartered in both San Francisco and Dublin, Stripe was established in 2010 and already achieved ‘unicorn’ status in 2014. Unicorns are private companies with valuations of more than $1 billion.
Now, the buzz of interest has still taken Stripe’s valuation up from $65 billion back in February 2024, to its current $70 billion level. However, this is still considerably below the $95 billion the company saw back in 2021.
The total value of the shares purchased by Sequoia Capital is expected to be somewhere around $861 million. Currently this offer will be extended to limited partners who bought shares between 2009 and 2012.
Stripe continues to bet heavily on Europe
Back in 2021, Stripe had raised a $600 million funding round, with investors such as Axa, Bailie Gifford, Allianz, Fidelity Management & Research, Ireland’s National Treasury Management Agency (NTMA) and Sequoia Capital.
The company has since announced that the capital raised from this funding round would be invested in its Dublin headquarters, as well as its other European operations. It was also planning to use the funds to invest significantly in its Global Payments and Treasury Network.
At the time, John Collison, president and co-founder of Stripe said in a press release, “We’re investing a ton more in Europe this year, particularly in Ireland. Whether in fintech, mobility, retail or SaaS, the growth opportunity for the European digital economy is immense.
Conor O’Kelly, the CEO of NTMA also said, “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.”
In May 2024, Stripe launched new financing and payment tools to expand its UK business. Some of these new products are lower-cost open banking-powered payments, business financial through Stripe Capital and quicker payouts.
