Payments processor Stripe has cut ties with President Donald Trump for violating its policies during the US Capitol riot last week, which resulted in five deaths.
The Wall Street Journal reported that Stripe, who previously processed payments for Trump’s campaigning website, said that the President encouraged violence when he told his supporters to storm the Capitol in a last effort to overthrow President-elect Joe Biden.
The financial-technology company, founded by Limerick brothers Patrick and John Collinson, handles card payments for millions of online businesses and e-commerce platforms.
According to Stripe’s website, the company restricts payments from “high risk” businesses including those that “engages in, encourages, promotes or celebrates unlawful violence or physical harm to persons or property”.
Facebook and Twitter ban Trump
The move comes after the news that social media sites including Facebook and Twitter have banned the President from posting.
Facebook founder and chief executive Mark Zuckerberg said: “We believe the risks of allowing the President to continue to use our service during this period are simply too great. Therefore, we are extending the block we have placed on his Facebook and Instagram accounts indefinitely and for at least the next two weeks until the peaceful transition of power is complete.”
This is not the first time, the Stripe-Trump relationship has hit the headlines – in February 2019, Stripe was embroiled in a US Federal Investigation into Trump’s inaugural committee. The committee was required to hand over documents about donors, finances and activities.
The investigation was fuelled by the fact around $107m was raised for Trump’s inauguration, which appeared questionable at the time. In addition, the subpoena specifically asked for documentation on Stripe, which designed the technology to help process credit card transactions.
Since its launch in 2011, Stripe has reached a valuation of $36bn, with the company now said to be seeking a valuation of $70bn.