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Global fintech major Stripe has raised more than US$6.5 billion in new funding at a US$50 billion valuation – almost half of its US$95 billion valuation in 2021.
It onboarded new investors like GIC, Temasek, and Goldman Sachs Asset and Wealth Management in the new fundraise. Existing backers such as Andreessen Horowitz, Founders Fund, and General Catalyst also joined the round.
The development follows reports saying that Stripe may seek an IPO as early as January next year.
In March 2021, the fintech major raised US$600 million in a series H round, which boosted its valuation to US$95 billion. However, The Wall Street Journal reported that the company slashed its internal valuation by 28% to US$74 billion in July last year.
Stripe is a US-based payments firm founded in 2010. It has since grown to handle US$1 billion in transactions every year for clients like Amazon, Ford, and Salesforce.
The company plans to use the new capital to “provide liquidity to current and former employees” and to meet tax obligations associated with equity awards. “Stripe does not need this capital to run its business,” the firm clarified.
See also: New unicorn Xendit, rivals double down on regional play
Editing by Lorenzo Kyle Subido
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