Mark Carney Joins Stripe Board Ahead of New Funding Round

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Former governor of the Bank of England and Bank of Canada Mark Carney has been appointed to the board of Stripe Inc. amid reports that the financial technology business is preparing a new funding round.

“The very nature of commerce has changed over the past decade,” Carney said in a statement posted on Stripe’s website, and sees the internet as the engine for strong and inclusive economic growth.

Carney, who is the United Nations special envoy for climate action, will help guide Stripe in its efforts to enable more businesses to bring funding to emerging carbon removal technologies, according to the statement.

The appointment, reported earlier by the Sunday Times, comes as Stripe prepares for a new primary funding round. Bloomberg reported in November that the company was is in talks to raise financing that would value Stripe at between $70 billion and $100 billion. Forbes reported last week that the valuation would top $100 billion in the funding round.

Stripe, which sells software allowing businesses to accept online payments, has been a beneficiary of the e-commerce boom accelerated by the coronavirus pandemic. The company was valued at $36 billion as recently as April at its last funding round.

It was founded by Irish brothers John and Patrick Collison in 2010 and now counts companies including Amazon.com Inc. and Zoom Video Communications Inc. among its customers. The brothers each have a net worth of $4.3 billion, according to the Bloomberg Billionaires Index.

The company has recently branched out to offer checking accounts to businesses through e-commerce providers, working with banks including Citigroup Inc., Goldman Sachs Group Inc. and Barclays Plc.

In April 2020, the San Francisco-based company raised $600 million from investors including Andreessen Horowitz and Sequoia Capital. That was at the $36 billion valuation.

©2021 Bloomberg L.P.

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