Joshua Kushner’s Thrive Capital is said to have committed $1 billion to Stripe.

Thrive Capital, founded by Joshua Kushner, is leading an investment in Stripe, a payments provider, at a $55 billion to $60 billion valuation, down from two years ago, according to sources. Stripe aims to raise $2.5 billion and Thrive has committed $1 billion, another source said. (NYT)

The funding could give Stripe financial stability in a difficult market for public listings. The money will likely be used to pay taxes and allow employees to sell shares. Some of the company’s employees have stock grants expiring next year if the company does not go public or raise new funds.

Goldman Sachs and JPMorgan Chase have been hired to advise Stripe on a potential public listing. The payment fintech is considering multiple options for employees to cash out, including a public listing or private funding followed by a tender offer.

The new funding doesn’t rule out a public listing. A $55 billion to $60 billion valuation is a steep drop from the $95 billion valuation in 2021. Stripe sells payment software to companies like Amazon, Peloton, and Wayfair. Start-up funding has become more challenging due to rising interest rates and focus on profits.

Thrive, known for investing in startups like Skims, Warby Parker, and SpaceX, recently closed a $3 billion fund and sold a minority stake to executives like Robert Iger and Henry Kravis.

Thrive is also in talks to invest in OpenAI.

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Image: The Collison brothers, Founders, Stripe.