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.
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."
Stripe’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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