US digital payments company Stripe plans to expand across Asia, including in Southeast Asia, Japan, China and India, after boosting its staff in the region by 40 per cent to more than 200 people this year, a senior executive told Reuters.
The decade-old San Francisco-based startup, which set up regional headquarters in Singapore a couple of years ago, has also launched a pilot project in Indonesia enabling interbank transfers for businesses earlier in 2020.
Noah Pepper, the company’s business head for Asia Pacific, said Stripe, which counts Amazon as a client, was rapidly adding engineers in the region. Based on job postings on LinkedIn, Stripe is seeking people with experience in Southeast Asia, Japan, and China.
“APAC is not just the world’s fastest growing market, but it’s such a fragmented market … with different laws, languages, currencies, and in some cases currency controls,” said Pepper, adding that Stripe was working to adapt to each country’s laws and preferred payment methods.
The company offers products that allow merchants to accept digital payments from customers and a range of business banking services. It raised money in April at a valuation of $36 billion, and may now be worth twice that, Bloomberg reported.
In Japan, Pepper said the company was winning over merchants by cutting payments processing time from weeks to days.