The Stripe Connect platform has gotten a major vote of confidence from General Catalyst Partners. The firm is set to invest $10 million for market-changing business and apps built on the Stripe API.
Stripe has recently struck deals with some major tech and social media players including Twitter, Facebook and Apple and the new fund is widely expected to push the development platform further.
“It’s not often that we see the formation of an important new application platform – there are only a few in each decade. Facebook, Google, Apple, Salesforce, Microsoft. When it works, it’s a massively potent force. In Stripe Connect, we see the potential to build entirely new classes of services that enable businesses to better leverage their payments capabilities and data,” Hemant Taneja, managing partner at General Catalyst, commented to Finextra.
The GC Stripe Platform Fund is geared primarily toward seed-stage startups. Baremetrics, which provides analytics on Stripe data for software-as-a-service businesses, nabbed the first $500,000 cash infusion.