Private fintech Stripe revealed its annual letter on Wednesday. It stated that the company exceeded $1 trillion in total sales volume in 2023, a 25 percent growth from the previous year. Compared with similar fintech firms, it has seen tremendous growth.
Stripe has reached the one trillion milestone in 15 years. Earlier, PayPal took 23 years to reach the trillion-dollar mark.
In the letter, stripe co-founders John and Patrick Collison said, “Stripe was robustly cash-flow positive in 2023 and expects to be again in 2024. This threshold is important because it allows us to invest long-term.”
In February 2024, Stripe was valued at $65 billion, up from $50 billion last year. In 2021, it was valued at $95 billion, and the possibility of going public was discussed. However, a public offering is not in the immediate future, as Stripe told current and former employees that they could cash out some of their stock.
In the letter, the company, founded in 2011, also said that software-driven innovation remained “in its early days” and that “the world of 2034 is going to look very different.”
Stripe president John Collison appeared in an interview with Andrew Ross Sorkin on Squawk Box that aired on Wednesday. He said that they had “spent a lot of time” focusing on the top growth lines and that “consumer spending” had held up well despite dire predictions from some.
He also noted that there is a “new economic reality.” He said that Stripe has “always been very shareholder-oriented.”
He added that they “wanted to ensure shareholders have access to liquidity,” which is why they made ” tender offers last year,” “this year,” and others.
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