Stripe reaches $95bn valuation while Flywire plans to go public
This week, Stripe secured $600 million in new funding while Flywire may go public.
Stripe, the San Francisco-based payments processor has secured $600 million in its latest round of funding from Allianz X, Axa, Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital, and Ireland’s National Treasury Management Agency (NTMA).
The company in its press note stated that it would use this funding towards its Europe operations and expand its Global Payments and Treasury Network.
Last year, Stripe expanded its partnership with JCB and launched its services in five more EU countries.
“We’re investing a ton more in Europe this year, particularly in Ireland,” said John Collison, President and co-founder of Stripe. “Whether in fintech, mobility, retail or SaaS, the growth opportunity for the European digital economy is immense.”
While it also noted that the company would be soon available with its services in Brazil, India, Indonesia, Thailand and the UAE. With the latest round of funding, the company’s valuation has gone up to $95 billion.
In the latter, Flywire which is a global payment and receivable solutions company has confidentially submitted a draft Registration Statement on Form S-1 to the Securities and Exchange Commission which is related to the proposed IPO of its common stock. The number of shares and price was however not determined.
Earlier this month, Flywire has secured $60 million in series F funding from Whale Rock Capital Management, Marshall Wace LLP and Sunley House Capital. Existing investors such as Spark Growth (Spark Capital), Goldman Sachs, Temasek, and Adage Capital Management also participated. The press release noted that the company has more than 2270 clients and processes payments in 240 countries and territories around the world.
Last year, Flywire had announced that it would offer cross-border transactions for Bank of America’s corporate and higher education clients.
The company plans to use this funding towards ‘investments across the company’s platform, network and software and support the company’s growth strategy’.