|Patrick and John Collison. co-founders of Stripe Photo: gigaom.com|
The San Francisco-based online payments startup Stripe, on Monday closed a fundraising round that saw $70m subscribed, which doubles the company's valuation in less than a year to $3.5bn.
Stripe was founded in 2010 by Patrick and John Collison, who are from Limerick, Ireland, and in that year Peter Thiel who was the first outside financial backer of Facebook, Sequoia Capital, and Andreessen Horowitz, the prominent Silicon Valley, invested in the firm.
Stripe had a $80m fundraising in January that valued the company at $1.75bn and the latest round will help with expanding into more countries and new areas of online commerce. It has raised in total more than $200m.
The Financial Times says that only a fraction of retail spending happens online and in the US, ecommerce represents less than 6% of the market.
Patrick Collison said Stripe’s goal was to improve the complex infrastructure for online payments.
“There’s commerce that could be happening and isn’t happening today,” he said.
Stripe is one of the launch partners for Apple Pay and it has also teamed up with Facebook and Twitter for payment features on their websites.
Stripe has 171 people. Of these, 22% are former founders and 36% hail from outside the US.
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