Stripe for the picking

3 Dec 2020 By John Foley Follow @johnsfoley

Goldman Sachs, Citi and Barclays are all partnering with the online payment upstart to garner deposits and fees from merchants who use it. For Goldman this is a land grab; for others it’s defensive. An added attraction may be the potential to bring Stripe to market – or buy it.

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Digital payment company Stripe said on Dec. 3 it will offer transaction banking services to business customers, by partnering with a number of banks including Goldman Sachs, Citigroup and Barclays.

Stripe’s first offering will be through Shopify, which helps set up e-commerce sites for merchants. Customers of Shopify will be able to get bank accounts and debit cards, which will be connected to Shopify’s systems by Stripe, and managed by Evolve Bank & Trust, a small U.S. lender.

Goldman will also partner with Stripe in the United States, while Barclays and Citi will act as “global expansion partners.” The companies have not disclosed exactly what their role will be, or how it will differ from that of Evolve.

Stripe is in talks to raise funds at a valuation that could range from $70 billion to $100 billion, Bloomberg reported on Nov. 24, citing a person familiar with the matter. The company’s last private fundraising in April valued it at $36 billion.

Context News

Digital payment company Stripe said on Dec. 3 it will offer transaction banking services to business customers, by partnering with a number of banks including Goldman Sachs, Citigroup and Barclays.

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