Online payment start-up Stripe has raised $80m from investors in a deal that values it at $1.75bn.
The challenger to PayPal was set up three years ago by brothers Patrick and John Collinson from Limerick, Ireland.
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Patrick Collinson, CEO, said: "It’s a nice validation of what everyone has gotten done over the last year."
According to Collinson, currently only about 2% of commercial transactions take place online, a number that he predicts will explode in the next few years.
He said: "There should be more transactions happening on the Internet on a macro basis, whether you believe that should be 20% or 40%."
"Well, what is holding it back? Our goal is to expand Internet commerce. We approach that problem rather than the competitive angle."
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By GlobalDataStripe’s most recent funding round was led by PayPal co-founder Peter Thiel, through his venture capital firm, the Founders Fund.
Today’s announcement comes as eBay rejects calls from investor Carl Icahn to spin off PayPal into a stand alone company.
CEO John Donahoe said: "First, eBay accelerates PayPal’s success. Second, eBay data makes PayPal smarter. And third, eBay funds PayPal’s growth."
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