Fintech giant Stripe has surpassed $1 trillion in total payment volume in 2023, up 25% from 2022. The fintech giant has hit the milestone 15 years after it was founded.
To put things in perspective, PayPal surpassed $1 trillion in total payment volume in 2021, nearly 23 years after it was founded.
Stripe is now processing over $ 1 trillion (€910bn) in payments annually, the company founders and brothers Patrick and John Collison revealed in their annual letter.
“Stripe was robustly cash flow positive in 2023 and expects to be again in 2024,” the brothers said in the letter. “This threshold is important, because it allows us to invest for the long term, building what we believe our users need 10 years from now, without regard for the natural volatility of capital markets.”
In its letter, Stripe said that it is no longer just about payments, but revenue and finance automation, which it expects to reach an annual revenue run rate of more than $500 million over the next year.
Stripe expanded its revenue and finance automation suite in 2023 to help companies automate financial operations and improve accuracy across the cash flow life cycle, from payments and billing to tax, reporting, and reconciliation. Businesses using Stripe’s revenue automation suite include OpenAI, Roblox, Figma, Atlassian, and Nasdaq.
In February 2024, the payment processor Stripe’s value reached $65 billion up from its $50 billion valuation nearly a year ago. This comes after a share sale deal with employees which will see Stripe and some of its investors buy more than $1 billion in stock from current and former employees.
Stripe, which has dual headquarters in San Francisco and Dublin, is a payment processing company that facilitates online transactions, such as payments made with credit cards, debit cards, or digital wallets, between businesses and their customers.
