Stripe says payment volume surged to $1 trillion last year

Stripe Inc., the fintech that helps merchants process customer payments, said volume surged 25% last year to more than $1 trillion.

The total surpasses the $817 billion posted in 2022, according to Stripe’s annual user letter published Wednesday. Volume was up 26% in 2022.

“Stripe was robustly cash-flow positive in 2023, and expects to be again in 2024,” company co-founders John and Patrick Collison said in the letter. “This threshold is important, because it allows us to invest for the long term.”

Stripe’s valuation increased to $65 billion last month from $50 billion in 2023. The company was in discussions to go public in 2021 after scoring a $95 billion valuation, but that hasn’t occurred, and the firm announced last month that it would allow current and former employees to cash out some of their stock, likely delaying such a transaction.

The firm said it expects its revenue-automation business - which handles billing, taxes and other services for companies - to see an annual revenue run rate of more than $500 million over the next year, according to the letter. Atlassian Corp. and Nasdaq Inc. use Stripe for their revenue automation.

The company, which was founded in 2011, said software-driven innovation is still in its early days.

“Thirteen years, and more than a doubling in internet users later, it’s still early,” the company said in the letter. “The world of 2034 is going to look very different.”

(Updated with revenue in fifth paragraph.)

More stories like this are available on bloomberg.com

©2024 Bloomberg L.