Stripe is one of numerous companies in the fintech sector and in the tech world more broadly that recently admitted to growing its expense base too quickly for the current reality. “Stripe does not need this capital to run its business.” “The funds raised will be used to provide liquidity to current and former employees and address employee withholding tax obligations related to equity awards, resulting in the retirement of Stripe shares that will offset the issuance of new shares to Series I investors,” the company said in its Wednesday release. Stripe has already received $2.2 billion in funding, according to Crunchbase.
Stripe said Wednesday that it has signed agreements for more than $6.5 billion in a Series I round with existing investors such as Andreessen Horowitz and Founders Fund, and new ones such as Singapore-based GIC and Temasek, and Goldman Sachs Asset and Wealth Management.
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