Stripe, a major payment processing platform, has successfully enabled its cross-border payout services for its customers based in the US. This was made by an announcement of the company made on Wednesday.
A New innovation For US Customers
While this feature is still in the beta stage, it will allow US customers of Stripe to payout and transfer funds in 33 of its other supported countries’ local currencies. All of these countries are either from Asia-Pacific or Europe.
The payments company gave a statement about the matter, explaining that these cross-border payouts will allow users to pay freelancers, sellers, service providers, and content creators by way of their respective local currencies. Alongside this, the platform highlighted how funds could be transferred to various connected accounts in other countries, allowing you to do so in your existing account of the platform with charge configuration.
Connecting The World Through Payments
Stripe had failed to specify whether or not there is any transaction limit when it comes to the cross-border transfers. Even so, the firm was quick to point out that the cross-border payouts’ onboarding specifications vary, and is dependent on the destination of the country itself.
Stripe has its headquarters based in California, and had managed to capture the payments market thanks to its facilitation of payment services to both businesses and individuals. In particular, it caters to those with online companies, as well as many platforms that leverage its API-based services.
A Promising Future
The company itself was founded back in 2010, but was quick to start its aggressive global expansion campaign. The campaign proved fruitful, however, as it had managed to capture Europe in almost its entirety. The platform provides services across 42 countries, but only a few of them have preview access to it.
Stripe itself enjoys the backing of several major tech-focused venture capital firms. This includes Sequoia Capital, Andreessen Horowitz, Tiger Global Management, as well as General Catalyst. The firm itself has managed to raise $1.8 billion in funding to date, with its last funding round closing in April, had the company been valued at $38 billion in total.
The company itself had been continuously expanding its services, as well. Stripe had incorporated a card-issuing service to it earlier this year, allowing business in the US with partnerships, as well as six other card payment processing networks.