Payment technology company Stripe Inc. said today it has raised $250 million in new funding to accelerate its international expansion, grow its product suite and extend its enterprise capabilities.

The Series G round included Sequoia Capital, General Catalyst and Andreessen Horowitz, along with a number of other unnamed investors. The round was raised on a valuation of $35 billion, according to the Wall Street Journal, up from a valuation $22 billion when Stripe raised $100 million from Tiger Global in January.

Founded in 2010, Stripe processes payments on the websites of its customers and complementary services for e-commerce customers. Those services have come thick and fast in 2019 and now include chargeback protection, a cash advance service and a new corporate card offering launched Sept. 10.

International expansion tops Stripe’s list. The company said it’s investing heavily in new markets as most new internet users are coming online outside North American and Western Europe. Stripe will be operating in 40 countries covering 70% of the global economy by the end of the year. Plans are afoot, with the support of the new funding, to expand into new territories next year.

Along with the new services, a trend Stripe plans to continue through deepening its product stack, the company wants to extend its enterprise capabilities. Its intent to do so is to ensure “that Stripe provides the most powerful functionality to the youngest high-potential companies, while also providing the most forward-thinking technology to the largest and most established businesses.”

“Even now, in 2019, less than 8% of commerce happens online,” John Collison, president and co-founder of Stripe, said in a statement today. “We’re investing now to build the infrastructure that’ll power internet commerce in 2030 and beyond. If we get it right, we can help the internet fulfill its potential as an engine for global economic progress.”

Another round for Stripe naturally brings about speculation of a future initial public offering, though Collison is on the record last year saying that the company has no plans to go public. As Crunchbase News noted, although Stripe doesn’t lack for access to capital “the firm could run the risk of missing an attractive IPO climate if the economy changes for the worse while it deploys its new, privately sourced investment.”

Including the new funding, Stripe has raised $1.035 billion to date.

Photo: Stripe