Apr 16, 2020 - Economy & Business

Scoop: Stripe raises $600 million at nearly $36 billion valuation

Dan Primack, author of Pro Rata

Illustration: Eniola Odetunde/Axios

Digital payments platform Stripe has raised $600 million in new funding and is now valued at nearly $36 billion, co-founder and president John Collison tells Axios.

Why it matters: Venture capitalists remain willing and able to invest big dollars in select companies, despite concerns that some limited partners could struggle to meet capital calls.

This is an extension to Stripe's Series G round, which closed last fall on $250 million, and came together in just the past few weeks. Most of the participants are existing investors.

  • Stripe was widely viewed as a 2019 IPO candidate. When that didn't happen, a 2020 IPO candidate. But Collison and his CEO brother Patrick have steadfastly refused to publicly comment on their timeline (except to say "not anytime soon").

Between the lines: Stripe also may be one of the few companies to be somewhat benefiting from lockdowns, given its focus on e-commerce enablement.

  • Existing clients include Instacart, DoorDash, Postmates, and Caviar. It also recently added Zoom.
  • Collison says that businesses that joined Stripe since March 1 have generated nearly $1 billion in revenue already.
  • "This is digital migration in a very compressed period of time, for both businesses and customers," Collison adds. "My mom recently asked me if I'd heard of 'this Instacart thing.' Yeah mom, I have."

Go deeper: Stripe becomes the third-highest-valued U.S. startup

Go deeper

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Illustration: Sarah Grillo/Axios

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Scoop: German foreign minister to travel to Israel with warning on annexation

Heiko Maas. Photo: Michael Kappeler/picture alliance via Getty Images

German Foreign Minister Heiko Maas is expected to travel to Israel next week to warn that there will be consequences if Israeli leaders move forward with plans to annex parts of the West Bank, Israeli officials and European diplomats tell me.

Why it matters: Israeli and European officials agree that if Israel goes ahead with unilateral annexation, the EU will respond with sanctions.

Minneapolis will ban police chokeholds following George Floyd's death

A memorial for George Floyd at the site of his death in Minneapolis. Photo: Steel Brooks/Anadolu Agency via Getty Images

Minneapolis has agreed to ban the use of police chokeholds and will require nearby officers to act to stop them in the wake of George Floyd's death, AP reports.

Why it matters: The agreement between the city and the Minnesota Department of Human Rights, which has launched an investigation into Floyd's death while in police custody, will be enforceable in court.