Stripe processed $817bn in 2022, but growth has slowed

6 Apr 2023

Image: © Tada Images/

The Collison brothers said processed funds grew by 26pc last year, but the growth is a ‘significant deceleration from the breakneck growth’ it saw in previous years.

Stripe has revealed that it processed more than $817bn in transactions last year, according to an annual letter from the fintech’s founders.

The company founders, Patrick and John Collison, said this figure of processed funds grew by 26pc compared to 2021, while more than 100 companies handle more than $1bn in payments with Stripe annually.

However, Stripe’s founders acknowledged that the current growth is a “significant deceleration from the breakneck growth” the company saw in 2020 and 2021.

“At the same time, we are as confident as ever in the internet economy’s long-term prospects, and we’re heartened by the steady advancement of the millions of businesses we serve in the face of banking crises, war, pestilence, energy shocks, supply chain issues, inflation and broader volatility,” the Collison brothers said.

The number of new businesses using Stripe grew by 19pc last year. The US remains the fintech’s largest market, but 55pc of businesses that joined in 2022 were based outside of the US.

The Collison brothers said the current mission is to “grow the GDP of the internet” by reducing the complexity of starting a new business, helping businesses adapt to the internet, reducing “impediments to payments” and lowering the cost of scaling with new APIs and services.

“We’re fundamentally optimistic about what is to come,” the Collison brothers said. “The internet remains one of the most potent enablers of opportunity and advancement in the history of humanity.

“The world should be more prosperous than it is, and, thanks to the new possibilities afforded by software and better connectivity, virtually every facet of our existence can be meaningfully enriched.”

Last month, Stripe raised more than $6.5bn to provide liquidity for its current and former employees. But this fundraise valued the company at $50bn, which is almost half of the company’s peak valuation of $95bn.

The Irish-founded payments company soared to this valuation after raising $600m, but lowered its internal valuation to $74bn last July amid a stock market downturn in the tech sector.

Last month, Stripe announced that it is enhancing its products and services with GPT-4, the latest large language model developed by ChatGPT creator OpenAI.

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Leigh Mc Gowran is a journalist with Silicon Republic