Stripe is making it easier for merchants to use its financial-services offerings with the technology they already have to process payments.
The payment processing firm said Wednesday that companies will no longer be locked in to processing payments with Stripe in order to access its other products. Merchants can use other payment service providers — such as Adyen or PayPal — while also using Stripe's billing and tax capabilities, for example.
"We're extending our modularity to the very core of Stripe: payments processing," Stripe Chief Product Officer Will Gaybrick said at the company's annual conference in San Francisco. "All of Stripe's products will gracefully inter-operate with third-party processors."
Stripe enables businesses to accept payments both in person and online, and also provides services like sending payouts and automating businesses' financial processes. There are now more than 100 companies that process at least $1 billion annually by using Stripe products.
The firm counts PayPal and Adyen as competitors, and this announcement could further stoke the rivalries.
"This is particularly relevant for large enterprises that were unable to take advantage of Stripe's product suite without breaching other long-term contract commitments," the firm said in a statement announcing the news.
Among a slew of other product updates, Stripe also said American Express joined its
Stripe's valuation increased to $65 billion in February from $50 billion in 2023 after it
The firm was founded in 2011 by brothers John and Patrick Collison. Its total payment volume surged by 25% last year
Stripe products are now available to businesses in 46 countries.
