US payments startup Stripe said on Thursday that it is raising US$250 million in a new funding round, valuing the firm at US$35 billion.
The deal marks a dramatic 56 percent surge in the company’s valuation from what it was seen worth at the start of the year, Reuters reports.
The latest valuation puts Stripe in the same league as home rental giant Airbnb, which earlier in the day said it is planning go public in 2020, the report noted.
Sequoia Capital, Andreessen Horowitz and General Catalyst were some of the participants in the latest funding round.
The San Francisco-based company was valued at US$22.5 billion in a funding round in January, according to data provider PitchBook.
Stripe, whose products make it easier for companies to accept online payments and bill customers, said it will use the money to expand its product suite as well as overseas footprint.
Five out of six new internet users are coming online from areas outside of North America and Western Europe, the company said.
Earlier in the month, Stripe launched its venture capital arm Stripe Capital and last week it rolled out a corporate credit card.
Stripe says it processes billions of dollars a year for millions of businesses worldwide, including Wayfair, Airbnb and cloud tech company Twilio.
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