Financial services company Stripe has revealed that it processed more than $817 billion in 2022, up 26% from 2021, where it processed $640 billion.
The company, which currently has a valuation of $50 billion, disclosed that it now has more than 100 companies, each processing more than $1 billion in payments on the platform.
In an annual letter from its founders Limerick Brothers Patrick and John Collison, they wrote,
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“This is the significant deceleration from the breakneck growth that we saw during the 2020 and 2021. At the same time, we are as confident as ever in the internet economy’s long-term prospects, as we are heartened by the steady advancement of the millions of businesses we serve in the face of banking crises, energy shocks, pestilence, war, inflation, supply chain issues, and broader volatility”.
The startup number of customers rose by 19% this year, averaging up to 1,000 plus new businesses joining daily. This seems impressive but not as impressive as when it recorded 1,400 businesses per day, a year ago.
While the U.S. remains its biggest market, Stripe disclosed that 55% of new customers emerged from other countries this year. Stripe’s impact in the market over the last decade has been undoubtedly huge as the company’s strategy has been on diversification for years. With Stripe, one can also generate an invoice.
Stripe is undoubtedly one of the fastest-growing Fintech companies in the world, and has positioned its growth on the demand for more flexible payment options. Unlike many startups, Stripe has come up with a strategy of not trying to hack the success based on growth hacking, but with a solid growth marketing strategy. With a solid growth marketing strategy, Stripe achieved growth with a customer-driven, sustainable approach.
It has on several occasions rolled out many services that complement its core payments product, banking in it as a great way to build stronger relationships with customers, and hopefully build out bigger revenue streams and margins. Instead of going the marketing/sales route, or the hybrid route, Stripe chose product growth as its strategy.
The startup did not limit itself to only enabling online payment, they have built a programmable infrastructure for global money movement, known as Global Payments and Treasury Network (GPTN).
Its remarkable services and product offerings have seen it strike deals with top brands across the globe. In January 2022, it entered a five-year partnership with Ford Motor Company. Through this deal, Stripe will handle transactions for consumer vehicle orders and reservations. That same month, Stripe partnered with Spotify to help creators monetize subscriptions, accept payments and launch recurring revenue streams.
In April 2022, Twitter announced that it will partner with Stripe for piloting cryptocurrency payouts for limited users on the platform. The crypto payments will be routed through Stripe Connect, which will also handle KYC requirements.
As markets are becoming more and more competitive, payment processing is becoming more of a commodity and Stripe owes its growth story to success in its ability to fill this gap.