Stripe to use fundraising cash to pay down $3.5 billion tax bill

The company has faced several issues recently, with its value falling from $95 billion to an estimated $50 billion

Stripe has been adamant that it doesn’t need investors’ cash to fund normal business operations. Picture: Business Post

Stripe, one of the world’s most valuable startups, told investors it plans to use money it receives in its latest round of fundraising to help cover a roughly $3.5 billion (€3.3 billion) tax bill.

Using an illustrative valuation of $55 billion, the payments giant said it is looking to raise about $2.3 billion to cover tax withholdings in the first quarter, according to an investor document seen by Bloomberg News. It plans to withhold an ...