Deal activity for financial technology (or fintech) startups has been in steady decline since the start of the year. But one company is bucking that trend: Stripe, which last week raised $150 million and doubled its valuation to $9.2 billion.
Stripe makes money by taking a small cut of the transactions that it processes. The company’s transaction volume continues to trail competitors like Square, which last quarter processed payments worth $13.2 billion. But Stripe’s focus on online merchants gives it an advantage as retail shifts to digital shopping formats.
To date, Stripe has raised $460 million.