The president of $20 billion Stripe explains the three-pronged master plan as it opens a new service for small business loans

📆 05/09/2019 22:05:00
📰 BusinessInsider

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Stripe is perhaps best known as a payments processor, but it's getting into the moneylending business with Stripe Capital.

Stripe, the $20 billion payments processing startup, is getting into the moneylending business with Stripe Capital.

John Collison, president of Stripe, says that Stripe Capital is designed to help small internet companies — which often have trouble getting small business loans — get the working capital they need to grow. Collison says that Stripe Capital is generally best-suited for making loans of $10,000 to $20,000. Those loans are backed by a banking partner, though Collison declined to share who that partner might be.

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