Temasek, GIC help payment startup Stripe to raise $8.7b funding round
The Series I funding round will support liquidity of its employees.
Investment firms, Temasek and GIC, are new investors in fintech firm, Stripe’s, Series I funding round of $8.7b (US$6.5b) with a $67b (US$50b) valuation.
According to Stripe, the funding will be used to provide liquidity to its employees and resolve “employee withholding tax obligations related to equity awards, resulting in the retirement of Stripe shares that will offset the issuance of new shares to Series I investors.”
“Over the last 12 years, current and former Stripes have helped build foundational economic infrastructure for millions of businesses around the world, and this transaction gives them the opportunity to access the value they’ve helped create,” Stripe co-founder and president John Collison said in a statement.
Those that signed agreements for the fund are Stripe’s primary investors, Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners, and Thrive Capital.
Aside from GIC and Temasek, new investors of Series I include Goldman Sachs Asset and Wealth Management.
Stripe’s user base now has some of the biggest global enterprises such as Amazon, Ford, Salesforce, BMW, and Maersk. Currently, 100 businesses transact more than $1.3b (US$1b) on Stripe annually.
$1 = US$0.74
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