Thrive Capital believed to be leading new multibillion-dollar investment in Stripe
Reading Time: 2 minutesThrive Capital has reportedly committed $1 billion in fresh capital to payments giant Stripe as part of a new investment in the works that would value the fintech company at between $55 billion and $60 billion.
Thrive Capital is believed to be leading the new investment in Stripe. The New York-based firm, started by Joshua Kushner, also led the company’s $70 million Series C in 2014 when it was valued at $3.5 billion.
Last week, Stripe apparently told employees that it had set a 12-month deadline for itself to go public, either through a direct listing, or by pursuing a transaction on the private market, such as a fundraising event and a tender offer. But most industry observers believe that a fundraise scenario is a far more likely one for the company.
He added: ‘My guess is that the market for Stripe secondaries has gone down quite a bit over the last year and those employees are feeling frustrated and putting pressure on Stripe’s management to make good.’
The decline in e-commerce as the restrictions of the COVID-19 pandemic eased most certainly led to less revenue for Stripe. Stripe reportedly notched gross revenues of $12 billion and was EBITDA profitable in 2021, according to Forbes. The company’s products, in its own words, ‘power payments for online and in-person retailers, subscriptions businesses, software platforms and marketplaces, and everything in between.’
In 2022, according to The Information, Stripe’s gross revenues totaled $14.2 billion.
The company has reportedly struggled in recent years in the face of increased competition. The Information also reported that Stripe has seen a number of initiatives not come to fruition as hoped. For example, according to that publication, the company last fall ‘scuttled a crucial project called Sonic, which was supposed to rewrite significant pieces of Stripe’s code in part to speed up transactions—an important step to reduce cloud computing costs and boost profit margins before a blockbuster public listing.’
Founded by Irish brothers John and his brother Patrick Collison (the CEO), Stripe has raised more than $2.2 billion in funding since its 2010 inception from investors such as Allianz (via its Allianz X fund), Axa, Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital, General Catalyst, Base Partners, GV and an investor from the founders’ home country, Ireland’s National Treasury Management Agency (NTMA).
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Ref: techcrunch
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