Stripe, a US-based payment technology company, has secured $245m in a new funding round led by Tiger Global Management.
The new funding round gives a $20bn valuation to the payment technology company.
Other investors in the funding round are DST Global, Sequoia alongside existing investors Andreessen Horowitz, Khosla Ventures, Kleiner Perkins, Thrive Capital and General Catalyst.
Launched in 2011, Stripe employs more than 1,300 people across nine offices located in San Francisco, Seattle, Dublin, London, Paris, Singapore, Tokyo and other cities.
Stripe, which claims to work with more than a million firms in more than 100 countries, facilitates online payments for individuals and businesses. It also offers technical, fraud prevention, and banking infrastructure needed to operate online payment systems.
The payment technology company has expanded its offerings with the inclusion of a solution called Radar that has been designed to help detect and prevent fraud for businesses using machine learning.
It has also created a new business, named Stripe Issuing, which is an end-to-end platform for creating, distribution, and management of physical and virtual cards.
The payment technology company plans to use the new funding to expand globally and hire more people.
Stripe CEO and co-founder Patrick Collison said: “Better global payments infrastructure will increase economic output, encourage entrepreneurship and help upstarts compete with incumbents.
“By bringing Stripe into more markets and building out our capabilities for companies of all sizes, we hope to accelerate innovation around the world.”
Stripe has also announced its plans to come up with a new engineering hub in Singapore. The Singapore hub will be the fourth engineering hub for the company after Seattle, Dublin, and San Francisco.
The new hub will house Stripe’s product and engineering teams which will work on growing the geographic presence of the company’s existing global payments and treasury network. It is also expected to help in building new products, and further developing the company’s infrastructure.