Stripe Acquires $245 Million in Funding
Stripe Acquires $245 Million in Funding

The company is now valued at $20 billion.

Payment startup Stripe has acquired $245 million in funding and is now valued at $20 billion, according to a TechCrunch report.

New backers include Tiger Global Management, DST Global and Sequoia, and Stripe plans to use the funding to hire more people for its global engineering team and launch a Singapore hub, according to the article.

“We believe in the contingency of progress,” Stripe CEO and co-founder Patrick Collison said in a statement, according to the article. “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.”

Read the full report at TechCrunch.