Stripe named by Forrester as top global payment provider
The report - ‘Global Merchant Payments Providers, Q3 2020’ - singled out the company’s vision of ‘increasing the GDP of the internet’ through innovation, tech disruption and market expansion as being “well-aligned to the realities that many merchants face.”
This is a conclusion that Mike Clayville, Chief Revenue Officer at Stripe, pointedly endorses, as he believes no other company in the space is adequately geared to meet a full spectrum of client needs; from startups to leading Fortune 500s, it makes no difference.
“This enterprise accolade is a testament to the hard work of thousands of Stripes who have been laser-focused on delighting customers, expanding global coverage, and shipping hundreds of new features every year,” he said.
“Many of our enterprise customers are huge category leaders—each one is a global giant processing more than a billion dollars annually—and they’re going all in on Stripe to move quickly at immense scale.”
Accelerating the digital economy
Stripe has maintained a strong place in the fintech market throughout 2020; our explored the top 10 most well-funded companies in the sector, in which Stripe came second (total investment was US$1.95bn).
Adam Blitzer, EVP and GM at Salesforce, said, "Speed, conversion and personalisation are key to digital commerce success.
“Our partnership with Stripe will enable our customers to deliver just that, boosting conversion rates with a fast and easy checkout experience powered by our out-of-the-box payment solution on the leading commerce platform, Salesforce Commerce Cloud.”
With over 40 category leaders (processing more than $1bn) now using Stripe’s service, the company’s enduring status as a world-class fintech appears secure.
Payment startup Mollie raises US$800m at a $6.5bn valuation
Mollie, one of the fastest-growing payment processors within Europe, today announced it has raised US$800m in a Series C funding round, now valuing the company at $6.5bn. The valuation, based on Dealroom data, makes Mollie the third most valuable privately-held European fintech behind Klarna and Checkout.com.
Blackstone Growth (BXG), Blackstone’s growth equity investing business, led the investment and included participation from EQT Growth, General Atlantic, HMI Capital and Alkeon Capital. TCV who led the Series B investment in September 2020 also participated in the funding round.
According to the company, the funding will fuel Mollie’s international expansion, team scaling, and continued investment in product and engineering.
“There’s something very special about Mollie. In the three months since I joined the team we’ve achieved so much: making preparations for a full launch in the UK, driving 600% growth in Germany and hiring an impressive set of team members and executives,” said Shane Happach, CEO, Mollie. “Over the past months, Mollie has been receiving a remarkable amount of interest from some of the world’s foremost fintech investors. In bringing on BXG, we believe we have an investor who can help Mollie in our next phase of growth. The involvement of our new group of investors demonstrates confidence in Mollie’s growth, strategy and product set.”
The Amsterdam-based business was launched in 2004, and is one of the largest PSPs in Europe. Today, it serves more than 120,000 monthly active merchants of all sizes across the continent. During 2020, Mollie processed more than 10 billion Euros in transactions and is on track to handle more than 20 billion Euros during 2021.
“Mollie is one of Europe’s most exciting high-growth businesses and is at the forefront of enabling next-generation payments for online SMEs across Europe. We are excited to partner with Mollie’s fantastic team and look forward to leveraging Blackstone’s capital, expertise and global network to unlock the company’s next phase of growth,” said Paul Morrissey, who leads European investing for Blackstone Growth. “This investment underlines Blackstone’s confidence in Europe as a place for high-growth companies to thrive.”
In Europe, FinTech app usage grew by 72% directly after the pandemic outbreak, while the top seven digital banks in the US grew their cumulative user base by 39% throughout the year. Competition in payments has grown over the past few years with fintech players like Stripe, Square and Netherlands-based Adyen all competing for a bigger share of the market.
Unlike its American rivals, Mollie says it mainly focuses on transactions with small businesses in Europe. Shane Happach, CEO of Mollie said: “A lot of the bigger players in online payments come out of the US, like PayPal,”. Adding that even Visa and Mastercard are US companies.
“A lot of investors don’t have a bet on Europe,” Happach said. “Mollie’s one of those unique assets that offers exposure.