U.S. digital payment processor Stripe Inc. announced a new round of financing that nearly doubles its valuation from USD$5 billion last year to USD$9.2 billion today. For a startup founded 6 years ago, this is an alarmingly high valuation. At the same time, this news has encouraged other entrepreneurs and Fintech startups which currently face a pessimistic funding environment in North America – market uncertainty has led to a drop in the number of deals and value of VC-funding in fintech for the second consecutive quarter in Q3 2016, according to a report by KPMG.
Founded in 2010, Stripe helps businesses accept payments via credit cards and newer tools such as mobile apps over the Internet at low cost. Stripe’s products are used by more than 100,000 businesses in 25 countries. Customers include adidas, Pinterest, Target and Twitter. Despite competition from payment giants such as Visa and PayPal, Stripe continues to grow and expand its operations globally. Why is this so? We are determined to find out.
1. Stripe resolves pressing issues for merchants.
Stripe’s revolutionary payment solutions simplify the complicated payment process into easy-to-use, clean and secure APIs for online businesses at every step of the way, from in-app payments to marketplace transactions. In addition, the company tailors its products and features according to the payment needs of various companies. Aside from processing payments, Stripe offers tools to help entrepreneurs register their business in the United States while using Stripe to receive payments (Stripe Atlas), and prevent fraud (Stripe Radar). As a startup, Stripe has the advantage of flexibility to do so.
2. Stripe chooses the right customers.
The bulk of Stripe’s customers are at the forefront of innovation, and are expected to become leading Internet companies in the near future as the popularity of e-commerce and m-commerce continue to rise. These companies include online-ride-hailing startup Lyft, mobile e-commerce platform Best Buy, social platforms Facebook, Twitter, Pinterest, and Kickstarter. By helping to set up and build their payments infrastructure, Stripe can ride on their growth.
Like Stripe, FOMO Pay helps businesses accept payments over the Internet and simplifies the payment process for merchants. FOMO Pay has a niche focus on businesses looking to enter the highly lucrative China market, as we accept Chinese-preferred payment methods such as WeChat Pay, Alipay and Union Pay. After witnessing Stripe’s success, we are driven to accomplish our goal of connecting businesses to the Chinese market.
About FOMO Pay Pte. Ltd
FOMO Pay is the first authorized WeChat Pay & Baidu Wallet partner in Southeast Asia, and was selected as one of the TOP 100 Asian Companies by E27, TOP 100 Startups by Red Herring Asia, and Top 8 by DBS’ FinTech Accelerator Program.
FOMO Pay provides a one-stop solution for overseas merchants by facilitating payment collection from the China market, including Chinese tourists. This comprises of online/offline Chinese payment modes, such as WeChat Pay, Alipay and Union Pay.
FOMO Pay’s business solution serves clients from a wide range of industries, including the telecom, publishing, tourism and hospitality, F&B, education and retail industries.