Sources say Stripe's revenue slowed sharply last year, burning more than $500 million in cash

CTOnews.com, February 16 (Xinhua)-- Silicon Valley startup Stripe burned more than $500m (currently about 3.425 billion yuan) in cash last year due to a sharp drop in revenue growth, according to people familiar with the matter.

Previously undisclosed data clearly showed that the payment giant lost momentum rapidly after the COVID-19 epidemic fuelled growth, the report said. Stripe's net revenue growth slowed from 85 per cent in 2021 to 18 per cent in 2022, according to people familiar with the matter. Of this total, net revenue last year was just over $2.8 billion (currently about 19.18 billion yuan).

As a digital payment processing service, Stripe raised $600 million (currently about 4.11 billion yuan) at a valuation of $95 billion (currently about 650.75 billion yuan) in 2021, making it one of the most valuable start-ups in the United States.

CTOnews.com has reported that sources revealed in January that Stripe co-founders Patrick and John Collison told employees that executives had set a goal of either going public or allowing employees to sell shares in private market transactions within the next 12 months.