Salesforce said Stripe will power Commerce Cloud Payments for its new Digital 360 platform.
On Wednesday (23 September), Stripe announced plans to partner with customer relationship management (CRM) giant Salesforce. The San Francisco-based fintech, which is led by Irish co-founders Patrick and John Collison, revealed that it will process payments for a new Salesforce service.
The deal relates to Salesforce’s new Digital 360 platform, which brings together marketing, commerce and digital experience products to drive digital transformation in enterprises.
Part of this new platform is Salesforce Commerce Cloud, which is built to power commerce services across digital channels such as mobile, social, web and in-store. Commerce Cloud will include Commerce Cloud Payments, which are powered by Stripe and enable brands to quickly launch integrated payments capabilities.
Adam Blitzer, executive vice-president and general manager of digital at Salesforce, said: “Speed, conversion and personalisation are key to digital commerce success. Our partnership with Stripe will enable our customers to deliver just that, boosting conversion rates with a fast and easy checkout experience powered by our out-of-the-box payment solution.”
Salesforce will join hundreds of enterprises already using Stripe’s payments infrastructure technology. Stripe said that it now counts more than 40 category leaders – companies processing more than $1bn annually – as customers.
Stripe added that it’s partnering with Salesforce to help enterprise customers adapt “even faster” as spending shifts online at an accelerated rate. According to Salesforce, e-commerce spending has surged 71pc globally over the last year. The value or terms of the partnership were not disclosed.
Fuelling IPO rumours
Stripe said that as it “aggressively” continues its inroads into enterprise, it is investing heavily to further enable high-scale operations and securely move hundreds of billions of dollars a year for the world’s largest companies.
The firm said that it is putting the foundations in place for this through its recent appointments of Dhivya Suryadevara as chief financial officer and Mike Clayville as chief revenue officer. Suryadevara previously worked at General Motors, while Clayville came to the company from Amazon Web Services.
The news of Stripe’s partnership with Salesforce comes as speculation about the fintech business’s potential initial public offering (IPO) continues to mount. According to Forbes, hiring executives to fill such positions from big-company backgrounds is a “common later-stage step for a software business nearing the IPO on-ramp.”
Founded in 2010, Stripe was most recently valued at $36bn in April 2020 after a $600m extended Series G fundraise from investors such as General Catalyst, Sequoia and Andreessen Horowitz.