Surge in Transactions for Stripe Observed
In a surprise move, payment processing giant Stripe has released a detailed update on its business, a rare occurrence for the startup. The seven-page letter, penned by co-founders Patrick Collison (CEO) and John Collison (President), was posted by John Collison on social media and later reshared by the company's accounts.
The update provides valuable insights into Stripe's current state and future plans. Last year, the company experienced a significant 60% growth in processed volume between 2020 and 2021. However, due to the ongoing pandemic's impact, the co-founders anticipate 2022 to be less strong.
Stripe's Global Payments and Treasury network now supports over 50 local payment methods globally and offers payouts to 72 countries. The company's growth is not limited to Europe and North America, with the biggest growth observed in regions outside these continents. Stripe expects most major new companies to emerge from outside the US in the future.
Cross-border payment volumes have at least doubled in every region Stripe operates in between 2019 and 2021. The company aims to simplify the cross-border payments process further, making international transactions smoother for businesses worldwide.
The letter also highlights Stripe's efforts to attract more startups. The company reveals that 60% of companies that went public in 2021 are Stripe customers. To further entice new businesses, Stripe plans to invest in Stripe Treasury and Stripe Issuing.
Interestingly, the letter did not provide any updates on Stripe's upcoming Initial Public Offering (IPO), as hinted by John Collison's social media post. The IPO remains a speculation for now.
Despite the lack of crypto-related updates in the letter, Stripe re-entered the crypto space in October. The company is expected to continue its exploration in the cryptocurrency realm.
Competitors in the cross-border payment processing industry include PayPal, Square, Adyen, Worldpay, Authorize.net, Paddle, N26, Revolut, and Payoneer. These companies offer similar global payment services, multi-currency support, and various business tools for international transactions.
The letter was released ahead of Stripe's yearly Sessions conference, promising an exciting event for the payment processing industry. The conference is expected to provide further insights into Stripe's future plans and strategies.
