Stripe surpasses the $1 trillion mark in total payment volume

March 19, 2024 by
Frank Calviño

Payments platform Stripe surpassed the $1 trillion mark in total payment volume in 2023, a 25% growth over the previous year.

This milestone comes 15 years after the company's founding and offers insight into the finances of one of the world's largest technology companies and how fast it is growing. By comparison, PayPal surpassed $1 trillion in total payment volume in 2021, 23 years after its founding.

There are currently 100 companies using their service that process $1 billion or more per year with Stripe. These companies represent around 10% of their total payment volume, but more importantly, Stripe is managing to maintain large accounts over time.

On the other hand, "Revenue and Finance Automation" offerings are expected to reach an annual volume of $500 million this year. These tools help companies manage billing, tax, and revenue recognition.

A competitive market for Stripe 

The company's annual letter also includes an interesting statistic about startups. Despite poor conditions for startup fundraising last year, which fell to its lowest level in six years, the Collison brothers, founders of Stripe, said the company's data indicates that startups founded in 2022 generate revenue faster than those established in 2019. In particular, artificial intelligence companies are outperforming other sectors.

But not all the money derived from this ‘ai-boom’ is going through Stripe or PayPal. In fact, the e-commerce payment gateways market has quickly become incredibly competitive. Here is a short comparison of the main brands and payment solutions currently in the market. 

The best payment gateways at a glance

Best forStandout featurePricing
PayPalFirst-time usersExtremely simple setupFees vary by transaction type and currency; 3.5% + $0.49 per transaction for U.S. credit cards
StripeAccessible analyticsFlexible, with a wide range of tools and pluginsFees vary by transaction type; 2.9% + $0.30 per online credit card transaction
Shopify PaymentseCommerce storesAll-in-one eCommerce solutionProcessing starts at 2.9% + $0.30 per transaction; active Shopify plan required, starting at $39/month
SquareSelling online and offlineIncludes a basic website builderFees vary by transaction type; 2.9% + $0.30 for online credit card transactions
HubSpot PaymentsB2B salesSimplifies billing with payment links2.9% per transaction; active HubSpot CRM Starter subscription required, starting at $20/month
HelcimInterchange pricing and volume savingsLower fees for high-volume sellersInterchange Plus averages at 2.49% + $0.25 per transaction; discounts available for high-volume sellers
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