Illustration: Aïda Amer/Axios

Stripe, a San Francisco-based online payment infrastructure company, is raising $250 million in new funding at a $35 billion valuation.

Why it matters: This would put Stripe third on the highest-valued U.S. startup list, but the 2 companies ahead of it are WeWork and Juul.

Investors: Return backers include Sequoia Capital, General Catalyst and Andreessen Horowitz.

  • This round is not yet closed, as the company remains in discussions with new investors. Stripe co-founder and president John Collison declined to say if the entire $250 million is spoken for by insiders, who then would cut back their allocations for newbies, or if some of it still needs to be filled.

The bottom line: "Investors view payments companies like Stripe as a way to get exposure to a basket of fast-growing public and private tech companies, since Stripe’s revenues are tied to its customers’ growth. The market for payments services is also expanding as more commerce moves away from physical stores and toward digital storefronts," writes the Wall Street Journal's Peter Rudegeair.

Go deeper: The 55 minotaur companies

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TikTok to pull out of Hong Kong

Illustration: Aïda Amer/Axios

TikTok said Monday night that it would pull its social video platform out of the Google and Apple app stores in Hong Kong amid a restrictive new law that went into effect last week.

Why it matters: TikTok's move comes as many large tech companies say they are still evaluating how to respond to the Hong Kong law.

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Driving the news: At least 166 people were killed after an iconic musician, Haacaaluu Hundeessaa, was murdered last Monday in Addis Ababa, the capital. Prime Minister Abiy Ahmed responded to the violence by sending in troops and shutting off the internet. High-profile opposition leaders were arrested, along with some 2,300 others.

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