Online payments processor Stripe has raised another $250 million in a new funding round, which pushes its pre-money valuation to a whopping $35 billion.

Total funding in the billions

On Sept. 19, Stripe announced the additional funding was sourced from investors including venture capital firms General Catalyst, Sequoia and Andreessen Horowitz.

Coming from a $9.2 billion valuation in 2016, San Francisco-based Stripe was valued at $22.5 billion after raising $245 million in the beginning of 2019. Overall, the U.S. fintech startup has raised roughly $1.2 billion since its inception.

The company, also an official partner of Facebook’s cryptocurrency project Libra, said it will use the new funds to accelerate global reach, grow product offerings, and extend enterprise capabilities. Stripe added:

“With 5 out of 6 new internet users coming online from areas outside of North America and Western Europe, Stripe has invested heavily in expanding to new markets. Stripe recently launched in eight additional countries and will be expanding to more in the coming months; this will bring the total to 40 countries covering 70% of the global economy, with many more launches planned for 2020.”

John Collison, Stripe's president and co-founder, said that — even in 2019 — less than 8% of commerce happens online, adding:

“We’re investing now to build the infrastructure that’ll power internet commerce in 2030 and beyond. If we get it right, we can help the internet fulfill its potential as an engine for global economic progress.”

Stripe’s lending service

As Cointelegraph reported on Sept. 8, Stripe announced the launch of its lending service Stripe Capital for internet businesses in the United States. The news release stated: