The new king of online payments: Stripe now valued at $3.5 billion

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One relatively young payments startup is rolling in cash.

Stripe, a payments processing service, has raised $70 million in funding at a $3.5 billion valuation, according to reports in The Financial Times and Re/code . Reps for Stripe did not immediately respond to our request for comment

See also: Apple Pay: The Real-World Test

The startup had previously confirmed raising $80 million in January at a $1.75 billion valuation. Put another way, Stripe's valuation has doubled in less than a year.

Patrick Collison, a 2010 MIT graduate, and his brother John (Harvard '10) founded Stripe in 2010 with the goal of making it easier for businesses to process payments online. It now helps power commerce services from big names in tech like Twitter and Apple Read more...

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