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Payment processor Stripe has raised $600 million for its Series G funding.
Stripe made an additional $600 million on Thursday from Andreessen Horowitz, General Catalyst, GV, and Sequoia as an extension of its Series G round. The amount brings Stripe’s valuation at $36 billion.
The company received a $250 million Series G investment in September. According to Stripe, it has over $2 billion cash on its balance sheet. It also takes pride in its capital-efficient business model and highly-diversified, growing, global user base.
While some fintech firms struggle, Stripe has positioned itself in a better place amid the coronavirus pandemic. It is among the few companies benefitting from lockdowns.
“The current disruption underscores the need for reliable, easy-to-use infrastructure for internet businesses,” Stripe said.
Stripe's services become more prominent while the people are in quarantine because it enables businesses to accept payment online and conduct other business functions.
Its existing clients include Instacart, DoorDash, Postmates, and Caviar. Just recently, the firm added Zoom, the video conferencing that most have been using since the lockdown started.
"People who never dreamt of using the internet to see the doctor or buy groceries are now doing so out of necessity. And businesses that deferred moving online or had no reason to operate online have made the leap practically overnight,” said John Collison, President of Stripe. “We believe now is not the time to pull back, but to invest even more heavily in Stripe’s platform.”
Meanwhile, fintech startup Sila has also closed a $7.7 million seed funding round. The round was spearheaded by Hope Cochran of Madrona Venture Grup and Rick Hold of Oregon Venture Fond.
Also part of the rounds were Mucker Capital, 99 Tartans, Taavert Kinrikus, CEO & Co-founder of Transferwise, and investor and entrepreneur Jerry Neumann. Sila aims to start a new era of financial innovation that will benefit both the consumers and businesses because it believed that the current financial system is broken and outdated.
