Launching Payments Products to Maintain Growth: The Stripe Tour

At the recent Stripe Tour London, top executives from Stripe revealed new products aimed at sustaining growth in the UK market. Since its inception 15 years ago, Stripe has revolutionized payment processing for businesses, as highlighted in FinTech Magazine. With technology evolving rapidly, Stripe continues to innovate, enabling businesses to prioritize their customers.

John Collison, President and Co-founder of Stripe, highlighted the company’s broad reach: “Among startups, we’re thrilled to power leading AI companies, including OpenAI, Mistral, Perplexity, and Anthropic. And we’re proud to support many of the UK’s AI leaders, such as ElevenLabs, Synthesia, PolyAI, Veed.io, Humanloop, and Context.ai.” He added, “In our enterprise segment, we’ve seen substantial growth, partnering with leading UK companies like Octopus Energy, ITV, Hargreaves Lansdown, and Nando’s. Global enterprises such as Amazon, Hertz, and Maersk also build on Stripe.”

At the event, Stripe introduced new products aimed at boosting UK business growth. Collison noted, “Stripe only grows when all of you grow.”

Stripe’s latest venture into open banking includes the launch of Pay by Bank in the UK. This real-time, low-cost payment option allows customers to pay directly from their bank accounts, reducing payment costs and improving cash flow. Already in use by companies like Cinch and AJ Gallagher, Pay by Bank aims to enhance financial operations for UK businesses.

Ruhi Dang, Head of EMEA Product at Stripe, explained, “With Pay by Bank, businesses can now toggle on all of these payment methods directly from the Stripe dashboard. Our AI models, trained on millions of businesses and trillions in payment volume, present the right payment method at the right time to maximize conversion.” The benefits are significant, including a 3% uptick in conversion and a 7% increase in average transaction volume.

Stripe also launched Stripe Capital in the UK, providing SMBs with flexible financing options to fuel their growth. Using transaction and business history, Stripe Capital proactively qualifies businesses for funding, with approved funds available the next business day. This initiative has already shown success in the US, with SMBs growing revenue 114% faster than their peers.

Alex Vogenthaler, GM for Payments, Connect, Global, and Consumer at Stripe, noted, “For UK businesses that draw in marketplaces or platforms on Connect, they’ll be able to use Stripe Capital later this year to offer financing to their sellers.”

In addition to product launches, Stripe is expanding its presence in the UK by opening a new flagship office in the City of London.

Stripe also announced plans to unbundle its core payments offering from its broader tech stack. Will Gaybrick, President of Product and Business at Stripe, said, “We’re extending our modularity to the very core of Stripe payments processing. We recently launched our Vault and Forward API, allowing businesses to use our optimized checkout suite with other PSPs.”

Stripe’s continued innovation and expansion demonstrate its commitment to helping businesses grow and thrive in an ever-evolving market.