Stripe, an online and in-person payment processing and financial solution for businesses of all sizes, has announced that businesses on its platform generated $1.4 trillion in total payment volume in 2024, up 38% from the prior year, and reaching a scale equivalent to around 1.3% of global GDP.
The company attributed part of last year’s rapid growth to its long-standing investments in building machine learning and artificial intelligence into its products.
This bet seems to be paying off, after the company disclosed that it has continued to increase revenue for existing customers, encouraging more businesses to switch to Stripe, and helping new companies reach significant scale unprecedentedly quickly.
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Stripe anticipates that future growth rates will fluctuate and is as enthusiastic as ever about the long-term trends in the internet economy.
Announcing this feat in its annual newsletter, the company wrote,
“Stripe was profitable in 2024, and we expect to be so in 2025 and beyond. Durable profitability allows us to plow back much of our operating earnings into research and development. In each of the last six years, Stripe has reinvested a much higher proportion of our earnings in R&D than any comparable company. We believe this ability will prove particularly important in the coming years, as stablecoins, Al, and other forces reshape the landscape. Stripe’s growth to date is evidence of the intense market demand for programmable financial services. The associated transformation is still early.
“Stripe Billing is an example of such an investment bearing fruit. Over the last year, Billing was designated as a market leader in its own right by both Forrester and Gartner, recognizing its power and maturity. As we forecast in our 2023 letter, Stripe’s Revenue and Finance Automation Suite, with Billing at its core, has now passed a $500 million revenue run rate. Billing is being used by more than 300,000 companies, manages nearly 200 million active subscriptions, and is emerging as the revenue engine of the AI era.”
Stripe serves a diverse range of businesses across the economic spectrum, from leading corporations. It is worth noting that half of the Fortune 100 rely on its services to rapidly expanding companies, including 80% of the Forbes Cloud 100 and 78% of the Forbes AI 50.
Additionally, Stripe plays a crucial role in supporting new ventures, with one in six newly formed Delaware corporations incorporated through Stripe Atlas. Regardless of their size, Stripe’s customers share a common trait, exceptional growth. Collectively, the revenue processed by businesses on Stripe is increasing at a rate seven times faster than that of all companies in the S&P 500.
In many cases, companies are using Stripe to reinvent their business models. In others, they’re simply looking to increase their revenue from existing activities with striking results. More so, ecosystems like Stripe support cash PDF invoice receipt template which simplify documentations and reconciliations.
Some examples include:
Hertz moved its payments to Stripe in 2024. The company has since seen a 4% increase in authorization rates for its online payments.
Turo, the world’s largest car-sharing marketplace, used Stripe Optimized Checkout Suite and saw a 4.7% increase in recaptured revenue—equivalent to an additional $114 million each year.
Intercom increased conversion by 2.1% and saved countless developer hours after moving to Stripe Billing.
Forbes switched to Stripe to manage its subscription payments, and it has seen a 23% uplift in revenue in the past 6 months alone.
News Corp Australia, the parent company of Sky News Australia, has seen a 5% increase in authorization rates. It has also retained more than 10,000 readers that would have otherwise inadvertently churned.
Looking Ahead
Stripe has expressed readiness to be well-positioned, to serve the next chapter of the economy. The company noted that more than 700 AI agent startups launched on its platform last year, a figure that it expects will be substantially eclipsed by the total in 2025.