Online payment service Stripe launches in NZ

US based Stripe, a company that enables web sites to accept payments online, has launched services in New Zealand saying it will enable web sites to accept payments from anywhere in the world in more than 135 currencies.

Mac Wang, Stripe’s head of growth for Australia and New Zealand, said Stripe had been beta testing its products in New Zealand since the start of the year. The company launched services in Australia in July 2014.

“Thousands of companies gave us feedback and helped shape our product for New Zealand,” he said. “During our preview, we’ve worked with some of the region’s fastest-growing businesses: Xero uses Stripe to let any of their million users accept credit cards for their invoicesmdash;one of the first accounting platforms to do so. Mobi2Go, a software-as-a-service platform for restaurants across the world, uses Stripe to allow restaurants to accept payments from their customers with Apple Pay and cards in local currencies.”

Stripe is offering four services in New Zealand.

Stripe Connect, billed as “the payment platform for platforms.” It enables online marketplaces to accept money and pay out to third parties, providing “a complete set of building blocks to support virtually any business model, including on-demand businesses, ecommerce, crowdfunding, and travel and events,” according to Stripe.

Subscriptions is for recurring payments. It provides a set of APIs to integrate with other systems and keeps users’ payment information on file so that client sites do not need to meet PCI requirements for the storage of customer credit card details.

Radar is a fraud detection and prevention tool that uses machine learning and data from Stripe’s global network of businesses to help identify and prevent fraud.

Sigma is a tool that enables client sites to analyse their customer data.

Stripe was founded in 2010 and is headquartered in San Francisco. It employs over 700 people and has received around $US450m in funding to date. Investors include Sequoia Capital, Visa, American Express, Peter Thiel, and Elon Musk.

Stripe’s most recent funding round was $US150m in November 2016, when Reuters reported that this valued the company at $US9.2b, almost double its value a year earlier, and made it “among the world's highest-valued 'fintech' startups backed by venture capitalists.”

Copyright © 2017 IDG Communications, Inc.

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