B2B Marketplace requires $2k+ transactions, but stripe limiting us? Anyone aware of alternatives?

I’m working on a B2B marketplace where we need ACH payments/credit card payments sometimes in the tens of thousands of dollars.

Stripe has us limited to $ 2k.

We’ve tried reaching out to support, but they basically said we’re out of luck.

Anyone else running a B2B marketplace and found a different payment processors for larger payments?

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Startups – Rapid Growth and Innovation is in Our Very Nature!

Daily Crunch: Stripe now valued at $36B

Stripe raises new funding, Uber acknowledges financial uncertainty and a controversial facial recognition startup accidentally exposes its source code.

Here’s your Daily Crunch for April 17, 2020.

1. Stripe raises $ 600M at $ 36B valuation in Series G extension, says it has $ 2B on its balance sheet

The economy may be contracting as a result of the COVID-19 pandemic, but promising startups are still continuing to raise money to shore up finances for whatever may lie ahead.

The latest development: Stripe, a well-known payments unicorn, announced that it had raised another $ 600 million in new capital, money that it plans to use to continue investing in product development, further global expansion and strategic initiatives.

2. Uber withdraws 2020 guidance

“Given the evolving nature of COVID-19 and the uncertainty it has caused for every industry in every part of the world, it is impossible to predict with precision the pandemic’s cumulative impact on our future financial results,” Uber said in a statement.

3. Security lapse exposed Clearview AI source code

The controversial facial recognition startup allows its law enforcement users to take a picture of a person, upload it and match it against its alleged database of 3 billion images, which the company scraped from public social media profiles. And for a time, a misconfigured server exposed the company’s internal files, apps and source code for anyone on the internet to find.

4. Changing policy, Y Combinator cuts its pro rata stake and makes investments case-by-case

Under its new policy, the accelerator is reducing its pro rata investment size from 7% to 4% and is only investing on a case-by-case basis going forward. Apparently the portfolio has gotten too large for blanket investments, and some of the limited partners who back the accelerator’s operations are balking at making commitments to the pro rata program.

5. Announcing the Extra Crunch Live event series

First up: We’ll be chatting with Aileen Lee (former KPCB partner, founder and managing director at Cowboy.vc and coiner of the term “Unicorn”) and Ted Wang (Cowboy.vc partner, former partner at Fenwick & West, and former outside counsel to Facebook, Twitter, Dropbox, Square and more) on Monday, April 20. And yes, you’ll need to be an Extra Crunch member to tune in.

6. NASA reveals ambitious multi-spacecraft plan to bring a piece of Mars back to Earth

NASA has said many times that it intends to collect a sample from Mars and return it to Earth. But how will the organization go about scooping up soil from the surface of a distant planet and getting it back here? With a newly-revealed plan that sounds straight out of sci-fi.

7. Facebook’s annual virtual reality conference goes virtual-only

Facebook announced that it will be shelving the in-person component of its virtual reality-focused Oculus Connect 7 conference due to COVID-19 concerns and focusing on a digital format. Although the company hadn’t announced dates for the event, the conference is typically held in late September or early October.

The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 9am Pacific, you can subscribe here.

Startups – TechCrunch

Adyen’s arch-rival Stripe raises €553M at €33.2B valuation, plans big to grow big in Europe

Stripe, Silicon Valley’s one of the most valuable fintech startups that builds economic infrastructure for the internet, has raised an additional $ 600 million (approx €553 million) in a Series-G round boosting its valuation to $ 36 billion (approx €33.2 billion). The funding round was led by investors, including Andreessen Horowitz, General Catalyst, GV, and Sequoia.

Hiring, geographic expansion, and more on cards!

The company plans to invest further in growing its platform, including – hiring around the world, deepening its software functionality to simplify business, accelerating its geographic expansion, and pursuing strategic initiatives or acquisitions. 

More importantly, the San-Francisco-based company is planning to launch its platform in various countries, including – Bulgaria, Cyprus, the Czech Republic, Hungary, Malta, and Romania. Stripe’s mission is to grow the GDP of the internet, making it easy for companies everywhere to start, run, and scale their business.

Founded by John Collison and Patrick Collison in 2010, Stripe develops software that allows businesses to accept payments online.

On the right path!

With more than $ 2 billion on its balance sheet, a capital-efficient business model, and a highly-diversified, growing, global user base, Stripe is in a position to both provide uninterrupted service to its users in a time of stress and invest in long-term improvements. As per the company claims, the rate of new businesses going live on Stripe has accelerated since the start of the year.

To date, this year, Stripe has added numerous customers, including Caviar, Coupa, Just Eat, Keap, Lightspeed, Mattel, NBC, and Paid. Notably, Zoom Video Communications has joined the list of companies using Stripe to modernize their payments stack and grow internationally.

John Collison, President, and Co-founder of Stripe: 

People who never dreamt of using the internet to see the doctor or buy groceries are now doing so out of necessity. And businesses that deferred moving online or had no reason to operate online have leapt practically overnight. We believe now is not the time to pull back, but to invest even more heavily in Stripe’s platform.

So far, the company has attracted investments from Elon Musk, Peter Thiel, and Google’s venture arm Capital G, among others. The payment powerhouse is headquartered in San Francisco, with offices in Dublin, London, Paris, Singapore, and Tokyo.

Stepping up amid COVID-19 pandemic!

Also, the company is working to help its communities and customers navigate the current pandemic, including Fast-tracking support for telemedicine providers in the US, Simplifying the steps involved in launching a business on its platform, helping established companies pivot to the internet and more. 

In addition to it, the platform is providing fast access to funds through Instant Payouts, Stripe Capital, the Stripe Corporate Card, and helping small businesses access government aid.

Main image credits: Stripe

Stay tuned to Silicon Canals for more European technology news

The post Adyen’s arch-rival Stripe raises €553M at €33.2B valuation, plans big to grow big in Europe appeared first on Silicon Canals .

Startups – Silicon Canals

Stripe raises $600M at $36B valuation in Series G extension, says it has $2B on its balance sheet

The economy may be contracting as a result of the COVID-19 pandemic, but promising startups are still continuing to raise money to shore up their finances for whatever may lie ahead.

In the latest development, Stripe, a well-known payments unicorn, today announced that it had raised another $ 600 million in new capital, money that it plans to use to continue investing in product development, further global expansion and strategic initiatives.

The company has become an active investor in a number of startups, some which are strategic partners for the company as it moves into new areas to complement its core online payments business.

It also added in its announcement that it currently has $ 2 billion on its balance sheet, a key number that underscores the message that the company is taking this investment not to survive but to further thrive, and that it may well choose to do so by remaining a private company, as it does not appear to have any need to go to the public markets to raise funds.

Making it easier to integrate payments into an online service has long been one of the reasons why Stripe has been on a growth tear: it arrived at a time when other solutions were still too fragmented and complicated, and its impact on the wider e-commerce market has seen a number of its competitors and other new entrants offer equally simplified products.

But its ease of use has taken on a new significance in recent times, with a huge surge of business coming online from consumers and businesses who can no longer transact in person because of the current pandemic, leading to a new plethora of use cases for Stripe and other payments companies.

“People who never dreamt of using the internet to see the doctor or buy groceries are now doing so out of necessity. And businesses that deferred moving online or had no reason to operate online have made the leap practically overnight,” said John Collison, president and co-founder of Stripe, in a statement (his brother Patrick, the co-founder and CEO, is pictured above). “We believe now is not the time to pull back, but to invest even more heavily in Stripe’s platform.”

The figure is also important because Stripe has never been very transparent about how many customers it has or any of its financials: this is one hint of how it is doing for the public to see.

This latest funding — its largest to date by a large margin — is coming from a number of its existing investors, including Andreessen Horowitz, General Catalyst, GV and Sequoia. It is an extension to the company’s Series G round, which was first confirmed in September 2019 with $ 250 million raised. The company’s valuation is holding steady with this new investment, and it now stands at $ 36 billion post-money (it confirmed a $ 35 billion pre-money valuation seven months ago).

The payments giant has raised around $ 1.6 billion with this new investment, according to known investment totals.

Stripe was recently in the news when one its investors, Sequoia, put $ 21 million into a payments company called Finix. It’s still not entirely clear what happened, but Sequoia walked away from the Finix deal, effectively turning its check into a grant.

In the meantime, Stripe — which started life by providing an easy to use API-based payments service for startups like itself to use in their online or app-based payment services — has continued to ramp up the size of its customers alongside overall growth of its customer base. Its users today include Zoom, Caviar, Coupa, Just Eat, Keap, Lightspeed, Mattel, NBC and Paid.

Startups – TechCrunch