Payments startup Stripe said on Wednesday it has raised $245 million in funding, better positioning the company to expand to new markets globally and attract bigger customers.
The new funding round values San Francisco-based Stripe, whose products make it easier for companies to accept online payments and bill customers, at $20.25 billion, a dramatic surge from its most recent $9.2 billion valuation in 2016.
Stripe will use the funds to fuel growth in key overseas markets such as Southeast Asia and India, where it plans to tap into the growth of the ecommerce industry to expand its payments products. More than 500 million people in Southeast Asia and India are expected to become online customers in the next three years, Stripe said.
Stripe also said it will open a new engineering hub in Singapore.
The company, which operates in 25 countries, charges a fee on each transaction processed through its platform. Its products have expanded to include credit cards, subscription-based billing and debit cards.
The latest funding round was led by billionaire investor Chase Coleman’s hedge fund Tiger Global Management, along with DST Global and Sequoia, Stripe said.
The company also announced on Wednesday a number of new customers, including Alphabet Inc’s Google, ride-hailing services Didi and Uber Technologies Inc [UBER.UL] and music streaming service Spotify Technology SA.