Last week, Stripe provided an update on its business that included some of the most detailed numbers that the startup has ever put out (IPO on the way hint hint).
Released ahead of its yearly Sessions conference, the update was in the form of a seven-page letter from co-founders Patrick and John Collison, who are CEO and President respectively. Unusually, while the letter is hosted on the company’s website, we couldn’t find any links to it from the rest of the site – instead, it was posted by John on social media, with the company’s accounts resharing it.
Regardless of the low-key dissemination, the letter provides some key insights into the company and its ongoing plans. Here’s some of the highlights:
- Stripe saw its processed volume grow by 60% between 2020 and 2021, although it notes that as this was in part due to the pandemic, 2022 won’t be as strong.
- 60% of companies who went public in 2021 are Stripe customers, and the company wants to continue attracting startups, aided by investments in money management platform Stripe Treasury and programmatic card issuance platform Stripe Issuing.
- Stripe has been expanding the rails of its Global Payments and Treasury network, which now supports over 50 local payment methods globally and payouts to 72 countries.
- The company is seeing its biggest growth outside of Europe and North America, and expects most major new companies to come from outside the US in the future.
- Stripe’s cross-border payment volumes have “at least doubled” in every region it operates in between 2019 and 2021, and it plans to help boost this by continuing to simplify the cross-border payments process.
- The letter did not mention crypto, which was notable as the company announced it was re-entering the space in October.
How are ecommerce companies competing on cross-border payments?