Stripe says companies using its platform processed more than $1 trillion in 2023, up 25% from the previous year.
The fintech giant has reached this milestone 15 years after it was founded by brothers Patrick and John Collison.
Stripe achieved “consistently” positive cash flow in 2023 and expects the same to be the case in 2024, the company says in its annual letter, adding: “This threshold is important because it allows us to achieve long-term growth invest.”
Last month, the fintech struck a deal with investors that will allow employees to cash out their shares in an offering that is valued at $65 billion, up from $50 billion in 2023 but still well below the $95 billion earmarked for 2021.
In its letter, Stripe emphasizes that it is no longer just about payments, but also about revenue and financial automation, which is expected to reach more than $500 million in annual revenue next year.