Stripe, one of America’s biggest unicorns, was just valued at $95 billion after scoring $600 million from Ireland’s National Treasury Management Agency, insurers Allianz and AXA and investment managers Baillie Gifford & Co. and Fidelity Investments. The company plans to to double down on its enterprise capabilities in 2021, connecting with ERP systems and expanding to millions of more businesses in Brazil, India, Indonesia, Thailand and the UAE.
“The pandemic taught us many things about society, including how much can be achieved, and paid for online, but the internet still isn’t the engine for global economic progress that it could be,” says Dhivya Suryadevara, Stripe’s CFO. “While Stripe already processes hundreds of billions of dollars per year for millions of businesses worldwide, the opportunity ahead is much larger for Stripe than it was when the company was started 10 years ago.”
Founded in 2010, Stripe is an Irish-American financial services and software as a service (SaaS) company dual-headquartered in San Francisco, California and Dublin, Ireland. The company primarily offers payment processing software and application programming interfaces (APIs) for e-commerce websites and mobile applications.
Currently, Stripe serves millions of customers which include Amazon, Uber, Booking.com, Zoom, and Shopify. Although the more companies the better the competition, this could still be bad news for UAE’s homegrown fintechs such as Cashu, Monami Tech and Trriple.
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