Collect for Stripe, a new app built by entrepreneur and developer Logan Thompson, was launched this week, enabling Stripe users to accept both swipe and EMV chip payments at brick-and-mortar locations using a tablet or mobile device.
According to the company, the app enables retailers to take advantage of Stripe at their physical locations and, at the same time, comply with EMV standards, which it said fills a liability gap among small business owners in the U.S. The new app is available for both iPhone and iPad with Android coming soon. With the app, Stripe users can support card payments using their existing accounts. The company said brick-and-mortar support for Stripe will round out its product offering. It also allows businesses with both online and physical commerce channels to unify their cash flow under one account.
Building apps for Stripe is a smart move given the popularity of its software that enables businesses to accept and track digital payments. According to a recent Wall Street Journal report, Stripe has garnered a valuation of $9.2 billion, thanks to a new round of funding. According to WSJ, the new valuation includes around $150 million, vaulting Stripe’s valuation much higher than the $5 billion value it had just in July.
At a time when Stripe’s valuation is climbing, other FinTech startups are struggling to keep their valuation intact. WSJ pointed to payment company Square, which has suffered with a stagnate value since going public last year. A person familiar with Stripe told WSJ the startup is getting close to the payment volume of Square but has yet to surpass it. Investors are betting Stripe is in a good position to benefit from the exploding growth of online payments as more consumers make purchases online rather than in stores.