StripeIncco-founders Patrick and John Collison internally shared their goal of either taking the company public or allowing employees to sell shares in a private-market transaction within the next 12 months. Stripe hiredGoldman Sachs Group, IncGS andJP Morgan Chase & CoJPM for advice, the Wall Street Journalreports. Stripe is a payments processor to internet companies likeShopify IncSHOP andInstacart Inc. Stripe's last fundraising nearly two years ago valued the company at $95 billion. Recently, Stripe approached investors, includingBerkshire Hathaway Inc(NYSE: BRK-B), about raising at least $2 billion at a valuation of $55 billion – $60 billion. Stripe laid off 14% of its workforce in November. The Collison brothers admitted overestimating the internet economy's near-term prospects. A pandemic-fueled boom in e-commerce led to Stripe recording annual revenue increasing nearly 70% to about $7.4 billion in 2020. However, 2021 appeared more challenging as consumers returned to in-store shopping and changed their spending patterns in the face of high inflation. Last July, Stripe cut its internal share price to price stock options given to employees to $29 from $40, lowering the company's valuation to $74 billion. Stripe recently cut the value of those shares again to $25, givingthe company a valuation of $63 billion. In 2022, Stripe decided to offer customers access toBitcoinfour years after suspending support for the cryptocurrency, taking a cue from rivals.
Payments Processor Stripe Harbors IPO Ambitions
