Stripe Enters Partnership With Salesforce In Push Towards IPO

Stripe has partnered with Salesforce in what the company sees as a way of polishing its reputation among high scale clients following speculation that the company might be approaching an IPO.

Stripe to provide payments services to Salesforce’s big-business customers

In the wake of the COVID-19 pandemic, online transactions have increased, and as retailers seek ways to adapt to this new reality, the two companies have partnered for Stripe to power the Commerce Cloud Payments of Salesforce. Salesforce indicates that e-commerce spending grew 71% over the past years, and as a result, the customer relationship manager is working with Stripe so that it can streamline payment processes.

Besides the announcement that it will process payments for Salesforce, Stripe has also launched Digital 360, a new platform aimed at binding commerce, marketing, and digital experience products to drive digital transformation. Part of the new platform is referred to as Salesforce Commerce Cloud, and according to terms of the partnership, big-business customers that use Salesforce’s new-look tools will set up e-commerce payments processing through Stripe.

Partnership huge step towards IPO

John Collison, the co-founder of Stripe, indicated that the Salesforce partnership was a huge step for its push toward big-business customers. Collision pointed out that the research company Forrester recently ranked the Stripe among the best payment providers globally. He said that currently, the company is operating at a large scale and serving clients at almost every end of the spectrum, and as they reach scale, there is a need to meet customers where they are.

This partnership is the Stripe’s latest moves in its push towards public markets. Recently the company hired for Amazon Web Services commercial sales team head Mike Clayville as its chief revenue officer. Also, in August, the company hired form General Motors (NYSE:GM) CFO Dhivya Suryadevara as its chief financial officer. The hiring of executives from big company backgrounds is evidence of the businesses nearing an IPO. The company is valued at around $36 billion, and it recently raised $259 million from venture investors.