FinTech giant Stripe says raised $694mn in tender offer.
In brief:
- Stripe said on Friday it had raised $694.2 mn in the tender offer it had announced in February, when it agreed to let employees sell some of their shares in a deal that valued the fintech giant at $65 bn.
- The deal, which gave Stripe a 30% higher valuation than last year, marked a rare bright spot in an otherwise subdued venture capital market, where investors spooked by high interest rates have been cautious despite expectations of a soft landing for the economy.
- At its peak in 2021, Stripe was valued at $95 billion and even at its latest valuation of $65 bn, the company is among the highest valued private startups in the U.S. alongside Elon Musk's SpaceX and ChatGPT maker OpenAI.
What does this mean?
“When we first partnered with Stripe in 2010, it was a scrappy payments innovator,” Roelof Botha, managing partner at Sequoia Capital, one of the company’s many investors, said then.
“More than a decade later, Stripe has evolved beyond payments to set a new standard for financial infrastructure – driving significant revenue growth for its users. The company’s attention to the most minuscule details delivers outsized results.”
