Alex Omenye
Fintech, Stripe on Wednesday disclosed that the company has raised over $6.5 billion in Series I funding.
This new funding pushes the company value to $50 billion.
The new investors that participated in the funding are: GIC, Goldman Sachs Asset and Wealth Management and Temasek.
They joined existing investors Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners and Thrive Capital.
Stripe says the proceeds will be used to “provide liquidity to current and former employees and address 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.”
It would be recalled that in 2020, Stripe acquired Nigerian fintech startup, Paystack for $200m.
Stripe was also not spared from the layoff wave as the company laid 14% of its staff, which amounts to around 1,120 people, in November.