Stripe’s valuation has risen to $70 billion because Sequoia Capital is buying shares from investors who want to sell their stake in the fintech company. Stripe helps merchants process customer payments.
Sequoia is offering $27.51 per share, as reported by people familiar with the deal, who asked not to be identified because the details aren’t public. The venture capital firm extended this offer to limited partners in funds from 2009 to 2012, who might be seeking liquidity for their shares. According to Axios, Sequoia purchased up to $861 million in shares on Monday, one source mentioned.
The payment processing firm and Sequoia representatives did not comment on the matter.
Stripe, one of the most valuable private tech companies, was recently valued at $65 billion after a deal allowed current and former employees to sell some of their shares. This valuation increased from $50 billion last March but is still below the $95 billion in 2021 funding.
Founded over a dozen years ago by brothers John and Patrick Collison, Stripe has grown significantly. Its competitors include PayPal Holdings Inc. and Adyen NV.
