Sep 26, 2018

Stripe is now worth $20 billion

John Collison. Source: Stripe.

Payment technology company Stripe raised $245 million in new funding at a $20 billion valuation. Bloomberg was first to report the news, which was confirmed to Axios by Stripe co-founder John Collison.

Why it matters: This will only heat up IPO speculation around Stripe, which to date has refused to even give a tentative timeline.

Collison says that the entire round is primary capital, and that much of it will be used to finance international expansion (today the San Francisco-based company announced a new engineering hub in Singapore). It also should enable Stripe to handle more large accounts, such as relatively new clients like Uber, Didi Chuxing and Spotify.

  • The round included new investors Tiger Global and DST Global, and Collison said that Stripe's 5-person board of directors now includes Jonathan Chadwick (ex-VMWare) and Michelle Wilson (ex-Amazon).
  • The rest of the board includes Collison, his brother Patrick (CEO of Stripe) and longtime investor Michael Moritz (Sequoia Capital).

Stripe earlier this year gave up on allowing Bitcoin as a payment method, with Collison saying today: "We are very interested in crypto long term and follow it closely. Bitcoin wasn’t a great payment experience for anyone though."

Go deeper via Bloomberg:

[Patrick] Collison conceded that the current political landscape is making it harder to chase Stripe’s goal of simplifying transactions across borders. “The Trump administration reversed the policy on opening up Cuba,” he said. “We were excited to go there and sadly we can’t.” More broadly, heavier regulations in Europe and China’s closed internet have balkanized online commerce."

Go deeper

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 5,463,392 — Total deaths: 344,503 — Total recoveries — 2,195,325Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 1,653,904 — Total deaths: 97,948 — Total recoveries: 366,736 — Total tested: 14,163,915Map.
  3. World: Italy reports lowest number of new cases since February — Ireland reports no new coronavirus deaths on Monday for the first time since March 21 — WHO suspends trial of hydroxychloroquine over safety concerns.
  4. 2020: Trump threatens to move Republican convention from North Carolina — Joe Biden makes first public appearance in two months.
  5. Public health: Officials are urging Americans to wear masks over Memorial Day.
  6. Economy: New York stock exchange to reopen its floor on Tuesday — White House economic adviser Kevin Hassett says it's possible the unemployment rate could still be in double digits by November's election — Charities refocus their efforts to fill gaps left by government.
  7. What should I do? Hydroxychloroquine questions answeredTraveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

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Updated 2 hours ago - Politics & Policy

Italy reports lowest number of new coronavirus cases since February

Italy’s aerobatic team Frecce Tricolori fly over Milan in Duomo Square on May 25. Photo: Francesco Prandoni/Getty Images

The Italian government reported 300 new cases of coronavirus on Monday, the lowest daily increase since Feb. 29.

Why it matters: Italy, the first country in Europe to implement a nationwide lockdown after emerging as a hotspot in March, appears to have finally weathered its coronavirus outbreak. Italy has reported nearly 33,000 total deaths, the third-highest total behind the U.S. and U.K.

Joe Biden makes first public appearance in over two months

Photo: Oliver Douliery/AFP via Getty Images

Former Vice President Joe Biden made his first in-person appearance in over two months on Monday to honor Memorial Day by laying a wreath at a Delaware veterans park, AP reports.

Why it matters: Biden, the Democratic Party's presumptive nominee, has taken the unprecedented step of campaigning from his home during the coronavirus pandemic, ever since canceling a rally in Cleveland on March 10.