Payment processing startup Stripe has hit the billion-plus mark after being valued at $1.75 billion.
The startup just recently received a round of funding in the amount of $80 million and was valued by its newest investor the Founders Fund, alongside previous investors Sequoia Capital, General Catalyst Partners, and Khosla Ventures for the amount of $1.75 billion
“It’s a nice validation of what everyone has gotten done over the last year,” Added Chief Executive Patrick Collison.
Stripe was founded 3 years ago by brothers Patrick and John Collison, and since has become one of the most promising payment startups. Stripes estimated value and rapid growth has garnered talk among Silicon Valley firms for being a potential threat to larger more established firms like PayPal. Some believe the threat on PayPal is what ignited Carl Icahn’s request from eBay Inc. to spin-off PayPal as a standalone payment service rather than a subsidiary of eBay.
Collison refused to answer any questions regarding comparisons to PayPal. He did however emphasize the future of online payments, which as of now stands at 2% of all commercial transactions.
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“There should be more transactions happening on the Internet on a macro basis, whether you believe that should be 20 percent or 40 percent. Well, what is holding it back? Our goal is to expand Internet commerce. We approach that problem rather than the competitive angle,” Collison added.
The estimated value comes shortly after Stripe was rumored to be in the final stages of closing a deal with social micro-blogging network Twitter.