US-based payments startup Stripe has raised USD 245 million in funding to expand to new markets globally, raising its value to USD 20 billion.
Stripe’s products are aimed at making it easier for companies to accept online payments and bill customers. Its valuation in 2016 was USD 9.2 billion.
According to Reuters, the company 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, as the publication continues.
In addition, the company will open a new engineering hub in Singapore.