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Payments company Stripe on Sunday said a new funding round had valued it at $95 billion, leapfrogging it above Elon Musk’s SpaceX and delivery app Instacart in valuation terms.
Stripe raised $600 million in its latest round of funding from investors including Allianz X, Sequoia Capital, and Ireland’s National Treasury Management Agency (NTMA), the company said in a statement.
The online payments processor was previously valued at $36 million, and has now tripled its worth in less than a year.
The new fundraising makes Stripe the most valuable private company in Silicon Valley, overtaking SpaceX’s last valuation of $74 billion, from February, and Instacart’s $39 billion valuation, from March.
On a global scale, Stripe trails ByteDance, the Chinese parent of TikTok, which was last valued at $180 billion in December.
It is also behind Ant Group, Jack Ma’s fintech company, which was about to go public in December with an anticipated valuation of around $300 billion, but was stopped by Chinese officials.
The latest fundraise saw Stripe’s valuation pass that of Didi Chuxing, the private Chinese ride-hailing giant, which is valued at $62 billion.
Stripe, founded by brothers Patrick and John Collison, has also surpassed the $80 billion that Facebook was valued at before it went public in 2012, as well as Uber’s valuation of $72 billion in 2018, before its 2019 IPO.
Stripe’s customers include Zoom, Salesforce, Lyft, Deliveroo, and Amazon.
The latest funding would not only allow the company to expand in Europe, but also hire 1,000 more people in its Dublin office over the next five years, and support launches in Brazil, Indonesia, and India later this year, the Financial Times reported Sunday.
Read more: Leaked email: Shannon Brayton is joining Stripe as global head of communications
Dhivya Suryadevara, Stripe’s chief financial officer, told Insider’s Matt Weinburger on Sunday that she’d been “struck by how capital efficient the business is” since joining the company, adding that the new funds will go into growth and expansion in Europe.
Stripe has been boosted by the rise of online shopping during the pandemic, such as for delivery services like Deliveroo, but Suryadevara said the shift had already begun before the pandemic hit.
“It’s a long-term trend that’s been accelerated in the last year, but it’s early days for e-commerce,” she said.
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