Stripe sees strong international growth
Stripe’s Dublin-based holdings company saw revenues grow 66% in 2021, up $896.9m to $2.26bn. While this figure only represents the Europe, Middle East and Asia-Pacific and part of the payment processor’s global business, it still gives some measure of how the company is performing.
Stripe Payments International Holdings (SPIH) – the holding company for Stripe’s sales in the EMEA and APAC regions – saw slightly lower growth than in 2020, when revenues grew by 70%. SPIH’s directors said that revenues had risen due to an increase in business from existing users, growing adoption in existing markets, expansion into new markets and new product launches.
Notably, Stripe’s holdings company saw a sharp decline in pre-tax losses, down 84% from $136m in 2020 to $22m in 2021. However, the directors said that overall growth was leading to increased costs. For example, staff costs rose 71% to $155m in 2021, driven by wages and salary spend increasing 74%.
This was driven by a boost in headcount for SPIH, with employee numbers increasing by 84% and seeing increased growth across all segments. Its sales team grew the most (138%), followed by administration (73%), user operations (62%) and engineering (62%), highlighting the company’s focus on attracting new business. By comparison, previous years saw focus on the engineering division, which grew by 327% in 2019.
Based on this snippet of Stripe’s revenues, it will be interesting to see if the company can maintain growth across its subsidiaries. Stripe reportedly cut its valuation by 28% to around $74bn in July, amidst the economic downturn and a global sell-off of tech shares.
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