FinTech giant Stripe's total payment volume is up 25% from 2022.
In brief:
- Co-founders and brothers Patrick and John Collison attributed the growth to Stripe’s enterprise business, start-ups adopting its products, and billing and tax services.
- The milestone, which comes 15 years after the company was founded, by comparison, PayPal surpassed $1trn in total payment volume in 2021, 23 years after it was founded.
- Stripe is valued at $65bn as of the company’s latest tender offer completed last month. That’s an increase from its last valuation of $50bn, but still far from its high of $95bn in 2021.
What does this mean?
“We spent a lot of time focusing on that top-line growth,” Stripe president John Collison said in an interview with Andrew Ross Sorkin.
“Start-ups don’t do themselves any favours by denying that a new economic reality exists,” Collison told Sorkin. “We have always been very shareholder-oriented. We wanted to ensure shareholders have access to liquidity; that is why we did the tender offer last year, that’s why we did the tender offer this year.”
