The economy may be dwindling as a result of the COVID-19 pandemic, but promising startups are still continuing to raise money to shore up their funds for whatever may lie ahead.
In the newest improvement, Stripe, a well-known paymets unicorn, announced that it had raised another $600 million in new capital; cash that it plans to make use of to continue investing in product improvement, further international expansion, and strategic initiatives.
The company has become an active investor in a number of startups, some that are strategic partners for the corporate as it strikes into new areas to complement its core online payments enterprise.
It also added in its announcement that it currently has $2 billion on its balance sheet, a vital number that marks the message that the company is taking this funding not to survive; however, to further thrive, and that it may effectively choose to do so by remaining a private firm, as it doesn’t seem to have any need to go to the public markets to boost funds.
Making it easier to combine payments into an online service has long been one of many reasons why Stripe has been on a growth tear: it arrived at a time when different solutions had been still too fragmented and complicated, and its impact on the wider e-commerce market has seen a number of its rivals and different new entrants offer equally simplified merchandise.
However, its ease of use has taken on a new significance in recent times, with an enormous surge of enterprise coming online from customers and businesses who can no longer transact in person due to the current pandemic, resulting in a new plethora of use cases for Stripe and other payments services.