Major payment processing platform, Stripe has enabled cross-border payout services for its United States-based customers, the company announced on Wednesday.
The feature is still in beta and will allow Stripe customers in the US to transfer and payout funds in local currencies to 33 other supported countries, all of which are from Europe and Asia-Pacific.
“Cross-border payouts enable you to pay sellers, freelancers, content creators, and service providers in their local currencies,” the payments company stated. “You can transfer funds to connected accounts in other countries with your existing platform account and charge configuration.”
Stripe did not specify if there is any transactional limit in the cross-border transfers. However, it pointed out that the onboarding specifications for cross-border payouts vary by the destination country.
Silicon Valley’s Most Valuable Startup
Headquartered in California, Stripe captured the payments market by facilitating payment services to individuals and businesses from their online business and many other platforms using its API-based services.
The company was founded in 2010 and soon started its aggressive global expansion, now has captured almost all of Europe. Now, the platform has services in 42 countries, but only a few have preview access.
Stripe is backed by major tech-focused venture capitals, including Andreessen Horowitz, Sequoia Capital, General Catalyst, and Tiger Global Management, and has raised over $1.6 billion to date, as seen on Crunchbase. In its last funding round closed in April, the company was valued at $36 billion.
Meanwhile, the company continued to expand its services as well. Earlier this year, it added card issuing services for business in the United States with partnerships and six card payment processing networks.
(Photo: Wikimedia Commons)