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January 23, 2014 05:52 am GMT
The payments industry has a new billion dollar company. Online payments company Stripe is announcing more than $80 million in Series C funding, at a $1.75 billion valuation. Peter Thiel’s Founders Fund led the round with new investor Khosla (Keith Rabois) and existing investor Sequoia joining, with Allen & Co. also contributing. This brings Stripe’s total funding up to over $130 million. To understand why Stripe is and had been disruptive, it’s best to go back to the mission behind the company from a few years back. In 2011, the company, which is the brainchild of brothers Patrick and John Collison, stated that its mission clearly: “We believe that enabling transactions on the web is a problem rooted in code, not finance, and we want to help put more websites in business.” While PayPal and others existed at the time to allow websites to set up e-commerce and payments, these offerings were clunky and not developer-friendly. Moreover, they had not adapted to new technologies and user interactions. In 2010, the Collison brothers set out to change this. They had come to the U.S. from Ireland and became affiliated with Y Combinator very early on when their company Auctomatic was sold in 2008 (they were only teenagers at the time). In terms of the competition, Stripe goes head to head PayPal, which also boosted its processing with the recent acquisition of Braintree. But the signal of investment from three out of five PayPal co-founders and now early PayPal employee Rabois shows that there is an opportunity for multiple players in the space, and that Stripe has a huge potential for growth, especially globally. Patrick explained us that he sees some overlap with PayPal but fundamentally the two companies have different approaches to how they are tackling problems. PayPal has moved into the offline world, and for now, Stripe isn’t heading in that direction. One of the main differences Collison explains, is in Stripe’s approach to create a real platform around the company. The Collison brothers see Stripe as having the same opportunity that AWS has when building a hosting platform. They want to create the infrastructure that surrounds payments on the web and mobile, the way AWS has changed the way people build websites, says John Collison. The opportunity here is to further expand the payments API into mobile, checkout, fraud and more. A huge infusion of new money will only
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/661yYqd5POk/
Eyeing International Growth, Stripe Raises $80M From Peter Thiel, Khosla And Sequoia At A $1.75B Valuation
The payments industry has a new billion dollar company. Online payments company Stripe is announcing more than $80 million in Series C funding, at a $1.75 billion valuation. Peter Thiel’s Founders Fund led the round with new investor Khosla (Keith Rabois) and existing investor Sequoia joining, with Allen & Co. also contributing. This brings Stripe’s total funding up to over $130 million. To understand why Stripe is and had been disruptive, it’s best to go back to the mission behind the company from a few years back. In 2011, the company, which is the brainchild of brothers Patrick and John Collison, stated that its mission clearly: “We believe that enabling transactions on the web is a problem rooted in code, not finance, and we want to help put more websites in business.” While PayPal and others existed at the time to allow websites to set up e-commerce and payments, these offerings were clunky and not developer-friendly. Moreover, they had not adapted to new technologies and user interactions. In 2010, the Collison brothers set out to change this. They had come to the U.S. from Ireland and became affiliated with Y Combinator very early on when their company Auctomatic was sold in 2008 (they were only teenagers at the time). In terms of the competition, Stripe goes head to head PayPal, which also boosted its processing with the recent acquisition of Braintree. But the signal of investment from three out of five PayPal co-founders and now early PayPal employee Rabois shows that there is an opportunity for multiple players in the space, and that Stripe has a huge potential for growth, especially globally. Patrick explained us that he sees some overlap with PayPal but fundamentally the two companies have different approaches to how they are tackling problems. PayPal has moved into the offline world, and for now, Stripe isn’t heading in that direction. One of the main differences Collison explains, is in Stripe’s approach to create a real platform around the company. The Collison brothers see Stripe as having the same opportunity that AWS has when building a hosting platform. They want to create the infrastructure that surrounds payments on the web and mobile, the way AWS has changed the way people build websites, says John Collison. The opportunity here is to further expand the payments API into mobile, checkout, fraud and more. A huge infusion of new money will onlyOriginal Link: http://feedproxy.google.com/~r/Techcrunch/~3/661yYqd5POk/
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