One relatively young payments startup is rolling in cash.
Stripe, a payments processing service, has raised $70 million in funding at a $3.5 billion valuation, according to reports in The Financial Times and Re/code. A rep for Stripe confirmed the report to Mashable.
The startup had previously confirmed raising $80 million in January at a $1.75 billion valuation. Put another way, Stripe's valuation has doubled in less than a year.
Patrick Collison, a 2010 MIT graduate, and his brother John (Harvard '10) founded Stripe in 2010 with the goal of making it easier for businesses to process payments online. It now helps power commerce services from big names in tech like Twitter and Apple.
"The vast majority of online transactions when we started were processed by this legacy infrastructure of banks and merchants," Patrick told me in an interview earlier this year after Stripe announced its previous funding round. "We don't really see anybody else approaching the problem the way that we do and thinking about building the platform of internet commerce."