As COVID-19 moves the economy online, Stripe unveiled an extension of its Series G funding round. The company brought in $600 million in additional funding from investors with the inclusion of Sequoia, Andreessen Horowitz, GV and General Catalyst, and its financing occurs on the same valuation and terms as the Series G, according to an announcement.
Stripe President and Co-Founder John Collison said in the announcement, “People who never dreamt of using the internet to see the doctor or buy groceries are now doing so out of necessity. And businesses that deferred moving online or had no reason to operate online have made the leap practically overnight.”
Collison continued, “We believe now is not the time to pull back, but to invest even more heavily in Stripe’s platform.”
Stripe says it intends to invest more in expanding its platform. Those efforts encompass the continuation of hiring throughout the globe, speeding up its geographical expansion, growing its stack of software abilities to make online business simpler and going after acquisitions or strategic initiatives “no matter the climate.”
“With more than $2 billion on its balance sheet, a capital-efficient business model, and a highly-diversified, growing, global user base, Stripe is in a position to both provide uninterrupted service to its users in a time of stress and invest in long-term improvements,” The company said in the announcement.
The company also said in the announcement that Zoom has joined the roster of firms “using Stripe to modernize their payments stack and grow internationally.” It also noted that it welcomed companies such as Just Eat and Caviar as customers this year.
And, earlier in March, Assembled, a tech startup for bolstering customer support team processes, notched $3.1 million in a Stripe-led funding round.