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Stripe raises $600M to fund COVID-related expansion

Stripe has raised $600 million in an extension of its recently announced Series G funding round from investors including Andreeson Horowitz, General Catalyst, GV and Sequoia. 

Stripe will use the funding for product development, expansion into European markets and strategic initiatives, following a huge shift in traditional brick-and-mortar businesses to online and mobile commerce. 

"People who never dreamt of using the internet to see the doctor or buy groceries are now doing so out of necessity," John Collison, co-founder and president of Stripe. "And businesses that deferred moving online or had no reason to operate online have made the leap practically overnight.”

Stripe plans to accelerate its hiring, deepen its software stack to help make it easier to do online work and will expand into several markets in Eastern Europe, including Bulgaria, Cyprus, the Czech Republic, Hungary, Malta and Romania.

The company, which has facilitated almost $1 billion in new sales since the coronavirus outbreak, also plans to pursue strategic initiatives or acquisitions but did give details. 

Companies like Solv are using Stripe to facilitate COVID-19 testing and urgent care using telemedicine. 

Food ordering app ChowNow has developed a new loyalty program that operates on Stripe, and in France, a farmer's market called RungisChezVous, is using Stripe to sell directly to consumers.

Stripe originally announced the funding round in September 2019, raising $250 million.