Payment technology companies Midigator and Stripe have joined forces to streamline the entire payment lifecycle, from transaction to chargeback response, the companies said in a release.
Combining the technologies from both companies will assist merchants to safely process transactions online, and help in Stripe’s company vision of increasing the GDP of the internet.
Midigator will work to make sure commerce is less risky and more profitable, and Stripe will focus on bringing more commerce online.
“This is a very natural and obvious partnership opportunity,” said Corey Baggett, CEO of Midigator. “Our missions align perfectly. Both Midigator and Stripe are committed to creating technologies that will empower merchants to focus on what they do best: deliver great products or services. Stripe makes it easy to accept payments. Midigator makes it easy to manage payment disputes.”
Midigator wants to simplify payment disputes so companies can focus on doing business. The company developed an easy-to-activate extension on the Stripe payment platform. Now it’s as simple as clicking a button to turn on Midigator’s technology to automatically fight against chargebacks and aid in recovering lost revenue.
“More than half of our fastest-growing merchants take advantage of one or more Stripe extensions,” said Claire Hughes Johnson, Stripe COO. “We’re excited Midigator is joining forces with us today to provide a better overall experience for the millions of businesses scaling on Stripe.”
Earlier this year, Stripe landed a $100 million investment from Tiger Global Management, boosting its valuation above $20 billion.
According to a report in CNBC, citing The Information, with the $100 million investment by Tiger Global Management, Stripe now has a valuation of $22.5 billion. It comes on the heels of Stripe raising $245 million in a Series E round of fundraising last fall. At the time, CNBC noted that Stripe had a valuation of $20 billion.
With consumers increasingly embracing digital payments, venture capitalists have been taking notice. Stripe is a leader in the market, with its platform that enables electronic payments and secure transactions both in-store and online. Among payment startups, Stripe is by far the most sought-after by venture capitalists. It is the most valuable of the U.S. unicorns (those with valuations of more than $1 billion), even surpassing Palantir’s $20 billion valuation, the report noted.
Other investors in Stripe include Andreessen Horowitz, Peter Thiel, Elon Musk, Google’s venture arm Capital G, Sequoia Capital and Kleiner Perkins, reported CNBC, citing data from PitchBook.