[BENGALURU] Stripe Inc said on Thursday it is raising US$250 million in its latest funding round, which values the payments startup at US$35 billion, a dramatic 56 per cent surge from a previous valuation at the start of the year.
The latest valuation puts Stripe in the same league as home rental giant Airbnb Inc, which earlier in the day said it was planning go public in 2020.
Sequoia Capital, Andreessen Horowitz and General Catalyst were some of the investors in the latest funding, Stripe said in a statement.
The San Francisco-based company was valued at US$22.5 billion in a funding round in January, according to data provider PitchBook.
Stripe, whose products make it easier for companies to accept online payments and bill customers, said it would use the money to expand its product suite as well as overseas footprint.
Five out of six new Internet users are coming online from areas outside of North America and Western Europe, the company said.
Earlier in the month, the company launched its venture capital arm Stripe Capital and last week it rolled out a corporate credit card.
Stripe processes billions of dollars a year for millions of businesses worldwide, including Wayfair, Airbnb, cloud tech company Twilio, and luxury online reseller The RealReal, the company said.