Mark Carney joins board of digital payments company Stripe

Mark Carney joins board of digital payments company Stripe

Mark Carney, former head of the U.K. and Canadian central banks, has joined the board of U.S. digital payments company Stripe Inc., days after the company was reported to be planning a primary funding round valuing it at over US$100-billion.

“Regulated in multiple jurisdictions and partnering with several dozen financial institutions around the world, Stripe will benefit from Mark Carney’s extensive experience of global financial systems and governance”, the company said on Sunday, confirming a report by the Sunday Times newspaper.

Forbes magazine had reported on Wednesday that investors were valuing Stripe at US$115-billion in secondary-market transactions.

A senior Stripe executive told Reuters in December that the company plans to expand across Asia, including in Southeast Asia, Japan, China and India.

The company offers products that allow merchants to accept digital payments from customers and a range of business banking services.

Stripe raised US$600-million in April in an extension of a Series G round and was valued back then at US$36-billion.

Consumer-facing fintechs have seen a boost to their businesses during the COVID-19 pandemic, as people have been staying at home to avoid catching the virus and have increasingly been managing their finances online.

Carney, who headed the Bank of England and the Bank of Canada, had a 13-year career at Wall Street bank Goldman Sachs Group Inc in its London, Tokyo, New York and Toronto offices.

He is the United Nations special envoy on climate action and finance.

Published at Sun, 21 Feb 2021 03:24:31 +0000