Stripe has closed a $600 million funding round which values the payments giant at $95 billion.

The company said it would use the funding to fuel its European operations, in particular its Dublin headquarters and support surging demand from enterprise heavyweights across Europe while expanding its global payments and treasury network.

The round was led by primary investors including insurers Allianz X, and Axa alongside Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital, and Ireland’s National Treasury Management Agency (NTMA).

Stripe said that 31 of the 42 countries it operates in worldwide are in Europe, with its payments infrastructure already deployed by European hypergrowth companies such as Deliveroo (UK), Doctolib (France), Glofox (Ireland), Klarna (Sweden), ManoMano (France), N26 (Germany), UiPath (Romania), and Vinted (Lithuania).

The most recent companies to build on its technology include Axel Springer, Jaguar Land Rover, Maersk, Metro, Mountain Warehouse and Waitrose.

The companies are using Stripe to grow and diversify their online revenue, or move faster on their transformation projects, the company said.

Enterprise revenue is now both Stripe’s largest and its fastest growing segment, more than doubling year over year.

The company has built programmable infrastructure for global money movement, known as its Global Payments and Treasury Network, as well as products and services on top of that foundation, including Billing, Capital, Connect, Issuing, Radar, Terminal and Treasury.

John Collison, president and co-founder of Stripe said: “Whether in FinTech, mobility, retail or SaaS, the growth opportunity for the European digital economy is immense.

“Stripe is an accelerator of global economic growth and a leader in sustainable finance. We are convinced that, despite making great progress over the last 10 years, most of Stripe’s success is yet to come.”

Stripe said its mission was to “Grow the GDP of the internet” by enabling merchant and enterprise payments infrastructure in the digital economy.

Only 14 per cent of commerce takes place online today, despite the global economy accelerating its shift to online in 2020.

“We’re investing in the infrastructure that will power internet commerce in 2030 and beyond,” said Dhivya Suryadevara, Stripe’s chief financial officer. “The pandemic taught us many things about society, including how much can be achieved—and paid for—online, but the internet still isn’t the engine for global economic progress that it could be. We’re laser focused on helping ambitious businesses grow faster.”

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