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Fintech startup Stripe to go public in 12 months

by Marcus Amudipe
January 27, 2023
in News
Reading Time: 2 mins read
Fintech startup Stripe to go public in 12 months
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Alex Omenye

Irish-American fintech startup, Stripe has set a 12-month timetable for going public, either through a direct listing or through a private market transaction such as a fundraising event and a tender offer.

This news was first reported by the Wall Street Journal is however surprising because of the lack of public market activity in the IT realm.

The payments company was launched in 2010 and was reportedly valued at $95 billion, has not been an exception in the layoff wave that has been shaking the world across different sectors. The company laid off 1,120 staff members, which makes up 14% of its workforce. The company reduced its internal valuation several times last year. Their valuation was reduced to $63 billion earlier this month, according to TechCrunch.

According to the Journal, Stripe has recruited Goldman Sachs and JP Morgan to assist it in determining which course of action is best for the company.

Stripe was founded in Ireland by brothers John and Patrick Collison; the CEO, and its most recent venture capital round was in March 2021 – a $600 million deal that gave it that astronomical $95 billion value. Two big insurance companies contributed to this funding. Allianz and Axa joined in the round through their Allianz X funds. Also involved in the round was Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital, and an investor from the founders’ home country, Ireland’s National Treasury Management Agency.

According to Forbes, Stripe has $12 billion in sales revenue and was EBITDA profitable in 2021. In its own words, the company’s technologies “power payments for online and in-person retailers, subscription businesses, software platforms and marketplaces, and everything in between.”

Stripe refuses to comment on the deadline or current revenue on the record.

In 2020, Stripe acquired Nigeria’s Paystack for more than $200M. This acquisition was the payments company’s plan to expand into Africa.

Tags: fintechStripe
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