Digital payments firm Stripe has secured $600m investment in a new financing round, taking its valuation to $95bn that almost triples its last valuation of $36bn announced a year earlier.

The company secured $600m in funding last April, through the backing of Andreessen Horowitz, General Catalyst, GV, and Sequoia.

At that time, the firm said that due to the Covid-19 pandemic, “several years of offline-to-online migration are being compressed into several weeks”.

The participants in the latest fundraising include Allianz X, AXA, Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital, as well as Ireland’s National Treasury Management Agency (NTMA).

Stripe plans to utilise the fresh funds in its European business, mainly in its Dublin headquarters.

In total, the company currently powers businesses in 42 countries of which 31 are in Europe.  The firm’s clientele in Europe includes Axel Springer, Jaguar Land Rover, Maersk, Metro, Mountain Warehouse, Waitrose, Deliveroo, Doctolib, Glofox, Klarna, ManoMano, N26, UiPath as well as Vinted.

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By GlobalData

Using the new infusion, Stripe also intends to ramp up its Global Payments and Treasury Network, expand its suite of software and services to enable businesses drive more revenue, and support increasing demand from “enterprise heavyweights” across Europe.

Enterprise revenue is currently said to be the payment firm’s largest and fastest growing segment, increasing over two-fold year-on-year.

At present, the firm’s client list includes over 50 category leaders, each of which process over $1bn on a yearly basis.

Plans are on to make Stripe available to millions of more businesses in Brazil, India, Indonesia, Thailand as well as the UAE eventually. The payments firm, which was founded in 2010, said that its goal is to grow the GDP of the internet.

Stripe chief revenue officer Mike Clayville said: “In 2021, we will double down on our enterprise capabilities, particularly our customer success teams, to help even more large businesses like Twilio or Zapier significantly increase their revenue.

“We will also invest in our global expansion to help companies such as Glofox or MATCHESFASHION increase their market opportunity. And through partnerships with enterprise solutions like Salesforce Commerce Cloud we will make it even easier for large multinationals around the world to switch to Stripe.”

Stripe CFO Dhivya Suryadevara added: “We’re investing in the infrastructure that will power internet commerce in 2030 and beyond.

“The pandemic taught us many things about society, including how much can be achieved—and paid for—online, but the internet still isn’t the engine for global economic progress that it could be. We’re laser focused on helping ambitious businesses grow faster.

In 2020, Stripe led the Series A funding rounds of Fast, a US-based firm that facilitates one-click checkout from e-commerce sites, and Philippines-based online payment platform PayMongo.