SAN FRANCISCO–Stripe, the fintech whose software is used by businesses to accept and track digital payments, has a new valuation of approximately $9.2 billion following a new round of funding.
That valuation nearly doubles the privately held company’s $4 billion price tag in July of 2015, according to the Wall Street Journal. It also comes at the same time a competitor, Square, seen its share price stagnate since going public in 2015, the Journal reported.
“Stripe’s investors think the company can capitalize on fast growth of online payments as consumers transfer more of their offline spending to Internet retailers and as Stripe continues to expand internationally,” the Journal analysis suggested.
The Journal said Stripe is approaching Square’s payment volume but has yet to eclipse it. “Stripe is growing much faster than the 38% growth that analysts expect Square to post this year,” one source told the Journal.
Stripe reported it processed $13.2 billion of payments during Q3.