Sacra estimates that Stripe's revenue grew 34% to $5.12B in 2024, up from $3.82B in 2023, and returned to profitability for the full year with $101.9M in pre-tax profit versus a $1.2B pre-tax loss in 2023. These figures come from Stripe's Dublin-based unit, Stripe Payments International Holdings Ltd, which processes the majority of Stripe's global volume. Stripe confirmed it was profitable in 2024 and expects to remain profitable in 2025 and beyond.

Stripe reported total payment volume of $1.4T in 2024, up 38% year-over-year, demonstrating strong momentum in core payment processing. The company is now used by half of the Fortune 100.

Stripe's Revenue and Finance Automation Suite passed a $500M revenue run rate in February 2025, with Stripe Billing now used by 300,000+ companies managing nearly 200M active subscriptions.

Stripe's core checkout stack remains the growth engine, converting ~3% gross fees into a 0.40% net take-rate after interchange, network, and partner costs.

With court-mandated cracks in Apple's 30% commission on App Store purchases and Stripe's dominance in digital payments, $8-10B of incremental iOS GMV could be poised to migrate to Stripe in 2025.

Stripe is arranging a new tender offer in February 2026 that would value the company at at least $140 billion, representing a gain of more than $30 billion from its most recent private valuation. The transaction is designed to provide liquidity to existing shareholders, and terms could still change.

Stripe's internal 409A valuation reached $106.7B in January 2026, used to set employee stock option prices and cited in reports about the company exploring share repurchases to provide investor liquidity without an IPO.

In September 2025, Stripe entered talks to repurchase shares from investors at a $106.7B valuation, representing a 17% increase from its prior official valuation and surpassing its 2021 peak of $95B.

Stripe last officially reached a valuation of $91.5B in February 2025 through a secondary tender offer for employees and early investors, nearly matching its 2021 peak of $95B. This valuation reflects a significant rebound from its $50B Series I round in March 2023. At the time of the February 2025 tender offer, Stripe confirmed it was profitable in 2024 and expected to remain profitable in 2025 and beyond.

The company has raised approximately $9.4B in total funding since its founding in 2010. Major investors include Sequoia Capital, Andreessen Horowitz, Founders Fund, and Thrive Capital.

At its February 2025 valuation of $91.5B, Stripe is valued at approximately 17.9x its 2024 net revenue of $5.12B.

Stripe is building an end-to-end platform for commerce on the internet. In addition to their core business around payments acceptance, Stripe also offers card issuing and banking-as-a-service (BaaS) via their new Treasury business. To deliver those services, Stripe partners with financial institutions like Wells Fargo, Cross River Bank, Regions Bank, Evolve Bank, Barclays, Goldman Sachs, and Citi. While those financial institutions provide the underlying infrastructure, Stripe builds products and services on top, like Terminal for in-person payments, Capital for lending-as-a-service, and Atlas for start-up incorporation.

Stripe has generally looked to grow their ecosystem by layering new products on top of their core payments API layer, for example:

Connect: for marketplaces and platforms to manage the movement of funds between different parties—for Uber, for example, which had a more complex use case than a conventional 1:1 ecommerce sale in needing to transfer payments between itself, riders, and drivers.

Billing: for subscription-based ecommerce companies to collect recurring payments from their users and manage different pricing models, competitive with Zuora and Chargebee. Stripe acquired Metronome for approximately $1 billion (closed January 2026) to add a streaming-first metering engine for usage-based billing, enabling Stripe to serve AI companies like OpenAI, Anthropic, Databricks, and NVIDIA that need to ingest billions of raw usage events (API calls, token counts, inference durations) and aggregate them into billable metrics in real-time.

Issuing: for companies to issue virtual corporate cards with configurable spending limits and permissions as well as programmatically to generate cards as part of a product, like offering gig workers immediate access to earned funds via a card.

Lending: for SMBs using Stripe for payments, Stripe Lending allows those businesses to borrow cash, while Stripe can use their access to their financial data to price the risk of lending to them.

These and other products increase lock-in by expanding the range of services that Stripe users can access on the platform. Critically, they also increase the speed at which a new fintech company can get up and running and offering financial services to their own users.

With the consumerization and digitization of finance, it has become more and more normal for non-fintech apps to offer certain banking services to their users, whether in the form of virtual cards, lending, or other functions. Stripe's banking-as-a-service capabilities allow startups to offer these kinds of services out of the box. Lastly, staying within that Stripe ecosystem benefits companies by enabling them to build new kinds of products that wouldn't be possible without the range of services offered by Stripe.

For example, companies who issue cards using Stripe Issuing can give contractors and gig workers access to their earnings instantly via Stripe Treasury, enable individual users on their platform to issue their own cards using Connect, and manage spending limits and allowable merchant categories from the same Stripe dashboard where they manage the rest of their payments stack.

Stripe has increasingly prioritized crypto as a strategic pillar, advancing stablecoin infrastructure and developer tooling across acquisitions, products, and new networks.

Stripe acquired Bridge for $1.1 billion (closed October 2024) and has applied through Bridge to the OCC for a national trust bank charter under the GENIUS Act. Bridge applied for a national trust bank charter in October 2025 to manage reserves and provide custody services under federal oversight, seeking to create Bridge National Trust Bank headquartered in New York City; the application has drawn opposition from advocacy and banking groups and would position Bridge alongside Circle, Paxos, Ripple, and Coinbase in pursuing federal banking licenses.

Stripe experienced early operational challenges with Bridge's rollout. In February 2026, Stripe tightened operational controls at Bridge after fraud and sanctions compliance issues emerged. Bridge paused a stablecoin-linked card program on January 19, 2026 after detecting suspicious users and fraud attempts; Bridge updated policies to prohibit customers in Venezuela and expanded its restricted-country list to include Afghanistan, Belarus, Sudan, and Yemen, while broadening restricted business categories to exclude weapons, tobacco, cannabis, jewelry, and luxury goods. Bridge relies on Lead Bank to process payments and issue cards.

Beyond Bridge, Stripe has advanced crypto infrastructure through strategic investments and protocol development. Tempo—the payments-focused blockchain co-developed by Stripe and Paradigm—raised a $500 million Series A at a $5 billion valuation, led by Thrive Capital and Greenoaks, with participation from Sequoia, Ribbit Capital, and SV Angel (closed October 2025); design partners include OpenAI, Shopify, and Visa. Stripe launched the Agentic Commerce Protocol in partnership with OpenAI and introduced its Open Issuance stablecoin platform (via Bridge) in September 2025, signalling a strategic pivot into AI-agent-enabled commerce and self-issued stablecoins.

Stripe has also expanded merchant acceptance of cryptocurrency payments. Stripe partnered with Crypto.com to enable direct crypto payments at Stripe-powered checkouts (launched January 2026). Crypto.com users can select Crypto.com Pay as a payment method, scan a QR code, and authorize transactions in the Crypto.com app using bitcoin, ether, stablecoins (USDC, PYUSD), and other cryptocurrencies; Stripe converts the crypto to the merchant's preferred local currency and deposits proceeds like other payments.

Stripe has positioned itself to capture AI-native commerce flows through partnerships and open protocols. OpenAI's ChatGPT now features Instant Checkout—powered by the open-sourced Agentic Commerce Protocol co-developed with Stripe—enabling U.S. users to buy directly from U.S. Etsy sellers (launched September 2025), with support for over a million Shopify merchants coming soon.

Stripe says ACP can be enabled with as little as "one line of code" for existing Stripe merchants, and also supports delegated payments and Stripe's Shared Payment Token API for non-Stripe processors.

In its core ecommerce payments provider business, Stripe competes with public companies like PayPal (Braintree), Adyen, Worldpay, Global Payments, and Fiserv (First Data), and privates like Revolut and Checkout.com.

Stripe already has international competitors that have geography-specific focus, like Adyen and Checkout.com in Europe. These regional rivals have benefited from heterogenous payments markets—whereas Stripe flourished in the U.S. where credit card acceptance rates are high, Adyen focused on supporting alternative payment methods from its inception, which helped it pick up adoption in Europe. Adyen and Checkout.com are also notable for building with a different type of go-to-market approach than Stripe. From launch, Adyen has had a focus on cross-border commerce, while Stripe has historically been more U.S.-focused with its product.

Checkout.com, on the other hand, has had more of mid-market, top-down focus. As of 2021, 3% of Stripe worked in sales, while a full 13% of Checkout.com worked in sales. It's likely that over time, we'll continue to see more and more companies emerge around the world to tackle payments in their specific geographies, especially given the relative lack of barriers to entry for well-funded competitors and the lack of network effects in the payments business.

In November 2025, Adyen said it expects net revenue growth of about 20% annually after 2026. The company highlighted expansion with existing customers and new wins across enterprise, in‑store, and platforms, and targets EBITDA margin above 55% by 2028.

Stripe's biggest threat on the ecosystem side is two-fold: there's the risk of new players emerging, breaking off pieces of Stripe's business and doing them better, and there's the longer-term risk that a more modularized, primitives-centered approach is going to be better at facilitating the next biggest fintech-related consumer experiences.

Today, companies getting traction going after individual slices of Stripe's business include:

Stripe has a few core expansion opportunities: 1) market growth via international expansion, 2) growth of ecosystem around payments, 3) disrupting existing payments infrastructure.

Around 5 out of 6 new internet users come from outside of Western Europe and North America, which means that emerging markets present a significant growth opportunity for Stripe’s acquiring business—both in terms of merchants who need to be able to accept payments and customers who want to make online purchases.

Internationally, Stripe competes with companies like Adyen ($ADYEY), Checkout, and Tencent’s WeChat ($TCEHY).

Today, Stripe operates in 46 countries, which is more than Adyen, and roughly at parity with major global payments processors like Fiserv, Global Payments, and FIS.

Some of Stripe’s international expansion will come through acquisitions. In 2020, Stripe acquired the Nigerian fintech startup Paystack—and its 60,000 customers—as part of a bigger move into the African continent.

Also in 2020, Stripe led the Series A for the Philippine digital payments business PayMongo, which only launched in 2019 with the goal of bringing more businesses in the Philippines online.

Overall, by acquiring or building their way into other markets internationally, Stripe can grow their customer base and drive increased revenue.

If Stripe continues on their current trajectory in terms of building out additional use cases like billing, invoicing, and subscription management in the finance back-office, they have the opportunity to further grow their average revenue per customer and develop a stickier product through better lock-in.

That expansion could include use cases like:

Bank partner dependency: Stripe relies on partner banks like Wells Fargo, Cross River, and Evolve for BaaS infrastructure, and Bridge depends on Lead Bank for card issuance and payment processing. Wells Fargo exited BIN sponsorship in 2024, and regulatory scrutiny of fintech-bank partnerships could constrain Stripe's ability to launch products or force costly migrations to new banking partners.

Stablecoin compliance exposure: Bridge's early rollouts drew sanctions compliance questions and fraud, forcing a card program pause in January 2026 and tightened country/merchant restrictions. Ties to clients with Venezuela-linked activity and ongoing OCC charter opposition from advocacy groups create regulatory risk that could limit Bridge's cross-border payments expansion or trigger enforcement action.

Modular ecosystem threat: Point solutions like Lithic (issuing), Anrok (tax), and Orb (usage billing) are building interoperable ecosystems betting that best-in-class primitives will capture high-growth companies seeking novel product experiences. If developers prefer composable stacks over Stripe's integrated platform, Stripe could lose share in emerging use cases despite its scale advantages.