Stripe has promoted Rahul Patil to the new Chief Technology Officer, replacing David Singleton. According to a LinkedIn statement, Singleton congratulated Patil, who has been with the fintech giant for more than four years.

Patil is responsible for global operations for all Stripe, encompassing ledger, billing, financial data warehouse, regulations, and tax platform. He joined Stripe from ClearTax and has served in notable global brands, including Oracle, Amazon, and Microsoft.

Starting a New Company

Singleton is reportedly moving to start a new company. He has been based in the San Francisco Bay Area for more than six years now. He joined the company from Google, where he served for more than 11 years, rising through the ranks to the role of VP of Engineering.

“After seven extraordinary years, I’ve decided it's time to try something new and am leaving Stripe to start my own company soon,” announced Singleton. “When I first reached out to Patrick Collison and Claire Hughes Johnson in 2017, it was not about the possibility of joining Stripe, but rather to ask for advice about a company I was planning to start then.”

He continued, “While they gave me some great advice about my ideas, I came away *most* excited about joining Stripe’s mission and decided to come onboard. Now, it’s time for me to pick up my startup dreams again and start something new on my own.”

Stripe Expands Services

Recently, Stripe has entered into notable industry collaboration to expand its services. This month, the company partnered with Zip, an Australian-based buy now, pay later (BNPL) provider, to offer online retailers payment options using Stripe's platform. According to the company, this agreement facilitates purchases to be split into four installments over six weeks.

Besides that, the US payment processing platform has teamed up with Sage, a UK-based software firm, to enhance cash flow management and payment processing among small and medium businesses.

By utilizing Stripe's financial infrastructure, Sage seeks to offer its customers a solution to enhance their financial processes with features such as checkout and tap-to-pay contactless payments .