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Posted by Liana Hovakimyan |
September 28 2021
Rapidly-Growing Fintech Company, Stripe, Sets its Sights on the Toronto Region
Stripe brings together everything that’s required to build websites and apps that accept payments and send payouts globally. Stripe’s products power payments for online and in-person retailers, subscriptions businesses, software platforms and marketplaces, and everything in between. Stripe also helps companies beat fraud, send invoices, issue virtual and physical cards, get financing, manage business spend, and much more.
When two young Irish brothers, John and Patrick Collison, started their first company, they struggled with one of the most important parts of running a business online: accepting payments. These young brothers went on to attempt to solve that fundamental problem by becoming co-founders of Stripe, with the ultimate goal of building digital economic infrastructure and growing the GDP of the internet. Stripe takes away the financial complexity around online payments, working with financial institutions, regulators, payment networks, banks, and consumer wallets, so businesses who run on Stripe don’t have to.
Globally, Stripe processes billions of dollars in payments a year, across billions of transactions for millions of users. Today, Stripe operates in 195 countries in 135 currencies, with 14 offices around the world. Stripe’s rapid growth brought the company to the Toronto Region. Given Toronto Global’s impressive track record of supporting companies looking to tap into the Toronto Region’s business community and facilitating the successful expansion of businesses in various sectors, Stripe was referred to Toronto Global by the City of Toronto.
Stripe started in Canada in 2012 – one year after the company was founded – and since then, major Canadian businesses, such as Shopify, SkipTheDishes and Clearco, have processed billions of dollars through Stripe. Moving from a small remote presence over the last few years, Stripe is planning to open a new office in downtown Toronto, building a team focusing on engineering, product, and sales, to draw on local talent and increase the company’s product suite in Canada.
With Canadian e-commerce growing a staggering 75 per cent in 2020, Canada is one of Stripe’s top markets in the world. With an internet economy that ranks as one of the fastest growing in the world, this expansion was a natural next step for Stripe. Toronto has the second fastest-growing tech market in North America, and one of the highest concentrations of tech workers on the continent. Boasting an impressive cohort of Toronto Region graduates helping to power Stripe’s innovative digital payment solutions, the company has experienced first-hand the strength of our region’s talent pool.
“Toronto has dynamic startups, major financial services, and world-leading tech talent, so opening an office was a natural next step,” said Yunong Xiao, Stripe’s Head of Engineering in Canada and Toronto Office Lead. “Stripe has worked side by side with Canadian businesses for nearly a decade now. With a new office and a slew of new products, we’ll be able to help even more businesses and further accelerate Canada’s internet economy.”
to discover its fully integrated suite of payments products, and learn more about current job openings in Toronto.
About the Author
Director, Investment Attraction, North America
Liana works with U.S.-based companies interested in expanding their operations to the Toronto Region.
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