Global payments fintech Stripe extended its reach this week, teaming with Spotify to enable podcasters to accept payments in its latest new partnership.
The partnership will allow podcast creators on the audio streaming platform the ability to monetize subscription content through recurring revenue streams, the companies said in a joint press release Tuesday.
The tie-up fuels the rollout of Spotify’s Podcast Subscriptions platform. Stripe is providing the payments infrastructure for the platform with Stripe Connect allows Spotify to expand its reach, supporting currencies for podcasters in 30-plus countries, according to the release.
Spotify's podcast subscription service benefited from Stripe’s "technology and ability to collaborate at speed" for the launch of the new platform, said Michael Mignano, global head of talk verticals for Spotify.
Stripe Connect will handle payment acceptance and identity verification for podcasters on Spotify, and podcasters who sign up with Spotify can provide Stripe with onboarding requirements to facilitate payments, the news release said.
Enabling easier payment for those in the burgeoning creator economy will contribute greatly to the "GDP of the internet," Lily Q. Jolly, product lead for Stripe Express, told PYMNTS. In the creator world, Stripe Connect is also linked with Twitter and TikTok, giving users on those platforms monetization capabilities.
It’s the latest partnership move for Stripe, which last week added Ford Motor Company to its customer roster in a five-year deal.
Ford will use Stripe to handle digital payments processing in North American and European markets, as Ford looks to grow its e-commerce abilities, the companies said in a Jan. 17 release.
The Stripe connection will let Ford offer simpler payment options "in any channel customers choose and scale improvements faster," Ford Motor Credit CEO Marion Harris said in a news release. The rollout is set to begin in the second half of this year in North America.
Last week, Stripe also announced that it acquired point-of-sale card reader manufacturer BBPOS. The BBPOS acquisition brings hardware development in-house for Stripe, giving it a bigger presence with in-person sales.
Stripe, founded in 2010, has become a major player in digital payments, and its Stripe Connect brand is popping up on other sites as well, including Shopify and Salesforce, per TechCrunch.
Helmed by Irish brothers John and Patrick Collison, Stripe became Silicon Valley’s most valuable startup last year when a $600 million funding round in 2021 put its valuation at $95 billion; the company has headquarters in both Dublin and San Francisco.
After Bloomberg reported last September that Stripe executives had met with investment banks to discuss going public in 2022, it later reported in November that John Collison said Stripe is "very happy" remaining a private, with no "immediate" plans to go public.