FinTech: Stripe Adds Five More Countries to Its European Market
The digital payments fintech wants to offer its services to businesses across the continent.
Stripe, the San-Francisco headquartered online payment platform provider, announced its official launch in the European countries of Czech Republic, Romania, Bulgaria, Cyprus, and Malta. The COVID-19 crisis has placed a focus on digital payments and there is a sharp spurt in the growth of Europe’s online economy. Businesses in the new countries will benefit from the $35 billion fintech’s technology-rich platform. (Finance Magnates)
Moving money – faster and easier
“Stripe is in 39 countries now, 29 of which are in Europe,” said Matt Henderson, Stripe’s Business Lead for Europe, Middle East, and Africa in a statement. “We are excited about bringing Stripe to even more European countries, making payment acceptance and money movement faster and less complicated for everyone. We are nearing our goal of making Stripe universally available to businesses across the continent.”
After beta testing, Stripe is offering its entire product stack to businesses in these countries. They can launch, run and scale their operations globally using its functionalities. These include Stripe Connect for running multi-sided marketplaces, Billing for subscriptions and recurring payments, Radar for fraud detection and prevention, and Sigma for analytics.
The expansion across Europe was headed by the company’s Dublin office, its largest international engineering hub, according to Finance Magnates.
Rich $600 million haul
Last month, Stripe raised $600 million in a Series G funding round, garnering a valuation of $35 billion. Investors included Andreessen Horowitz, General Catalyst, GV, and Sequoia. At the time, it said it would use the funds to expand across the globe and make strategic acquisitions. It also intends to further advance its software and boost its workforce. It already had a cash hoard of $2 billion before the fundraising.
In March, the company led a Series A funding round worth $20 million in San Francisco-based start-up Fast. It aims to make online shopping a wholly ‘one-click’ experience. It’s ‘Fast Login,’ a free to use one-click login tool, is already available to consumers.
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