Stripe Expands Operation In The UK With London Office and New Payment Methods
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Stripe is strengthening its presence in the UK, opening a main office in London. It’s also starting its first open-banking payment method and new funding options for small businesses. The UK is Stripe’s second biggest market, with about 600 businesses joining the US-based network daily.
Stripe Plans To Empower Platforms And Marketplaces Using Stripe Connect
These companies will be the first in the world to use Stripe’s new Open-Banking payment method, Pay by Bank. Already used by some businesses, Pay by Bank offers a low-cost, real-time way for customers to pay straight from their bank account.
UK businesses using Stripe can now get flexible financing through Stripe Capital products. This product uses a firm’s transaction and business history to qualify them for funds. Approved businesses receive money the next day and repay as they earn.
Stripe revealed that only 50% of UK small businesses’ bank loan applications were approved last year, down from 80% in 2018. In the US, companies that used Stripe Capital grew their revenue 114% faster than others.
Later this year, platforms using Stripe Connect and UK marketplaces will be able to offer financing to their users through Stripe Capital.
The Co-founder of Stripe, John Collison, stated that the financing options and payment tools launched earlier today will help money move faster in the economy and make it easier for companies to invest when they can grow.
Stripe Aims To Capitalize On The Strong Financial Center In The UK
This week, Stripe opened its new office in London at 201 Bishopsgate. This office will have growing teams in engineering, sales, partnerships, and operations.
Collison stated that the UK’s solid financial center, infrastructure, and talent make it a great place for Stripe to grow. However, that’s only part of the story. UK businesses are eager to update their financial systems and expand worldwide. That’s why Stripe believes now is the right time to invest more in the UK, he added.
Stripe, Inc. is a company that offers financial services and software. It has two headquarters, one in South San Francisco, California, United States, and the other in Dublin, Ireland. The firm mainly provides software and tools for processing payments on mobile apps and e-commerce websites.
Stripe offers tools called application programming interfaces (APIs) that help web developers add payment processing to their mobile apps and websites. The firm launched Stripe Connect in 2012, which allows software developers to include payments directly into their products.
