Dive Brief:
- Digital payments company Stripe processed about $1 trillion in total payments volume last year, up 25% from 2022 when it processed about $817 billion, according to an annual letter from the company issued Wednesday.
- While Stripe did not disclose its revenue in the letter, a report from the Financial Times citing unnamed sources said the company posted a loss in 2022 and that it generated net revenue of $1 billion in the third quarter of last year.
- The company touted the reliability of its software in the letter, referencing about 300 million transactions on Black Friday and Cyber Monday last year, for a total payment volume of $18.6 billion.
Dive Insight:
Stripe has been considering an initial public offering, but co-founder and president John Collison told the Financial Times the company is taking its time with that potential move.
“With the IPO, we’re not in a rush. Businesses which are profitable have many, many more options than businesses which are dependent on outside capital,” Collison told the publication.
Revenue automation tools Stripe offers to clients such as Nasdaq and OpenAI are bolstering Stripe’s revenue growth. Annual revenue for those products is expected to exceed $500 million over the next year, according to Wednesday’s letter.
Stripe is privately held and is dual-headquartered in San Francisco and Dublin, Ireland. It was co-founded in 2009 by John Collison and his brother Patrick, who serves as CEO. The company made several leadership changes last year, replacing its CFO in September and shuffling its board of directors in December.
“Stripe customers can be confident that we provide stable, long-term infrastructure with a durably sustainable business model,” the Collison brothers said in the letter.
