Stripe reportedly in fundraising talks, which could propel valuation beyond $70B

Stripe, whose technology allows merchants to accept payments, is in talks regarding a new funding round, Bloomberg reported, citing unnamed sources.

Why should we care?
Stripe’s technology helps support hundreds of billions of dollars in transactions each year. Its selling point is the user-friendliness and comprehensiveness of its offerings, which include platform payments, billing, offline terminals, payouts, and issuing. Its customers include Lyft, Amazon, Salesforce, and Instacart. Like other companies in its sphere, including PayPal and Adyen, the company has benefited from a rush in e-commerce activity during the pandemic. In April, it raised $600M at a $36B valuation. With the new funding, Stripe could become the first or second most valuable startup, according to TechCrunch’s Alex Wilhelm. “It’s hard to come up with a good reason for why it’s still private, other than the fact that it can get away with it,” he wrote in an analysis of the news.