Payment and fintech giant Stripe says it processed more than $817 billion in total volume in 2022, up 26% from the prior year in its annual letter for 2022.

According to the statement signed by its co-founders Patrick Collison and John Collison, Stripe processed more than $817 billion in total volume in 2022, up 26% from the prior year. The company added that its e-commerce segment grew 7% last year.

Per the released update, the payments processor also grew its client portfolio in the year. The total number of new businesses coming to Stripe increased by 19% in 2022, with an average of more than 1,000 new ventures launched every day, 55% of which were businesses based outside of the U.S., its largest market. Stripe also now supports businesses in more than 50 countries.

Stripe raises $6.5 billion, cuts valuation to $50 billion
Payments processing giant Stripe says it has raised $6.5 billion in a Series I funding round at a $50 billion valuation – down nearly 50% from two years ago. According to a company statement, the funding “will be used to provide liquidity to current and former employees and address employee

The company also claims it now has up to 100 companies that handle more than $1 billion in payments with Stripe every year. This set continues to grow rapidly, expanding by more than 50% each year since 2018.

This update comes at a time when the payment processor has slashed its valuation repeatedly. The company sharply reduced its valuation to $50 billion in its last $6.5 billion round led by existing and new investors in March, a steep decline from the $95 billion valuation in March 2021.

Stripe has not been immune to the layoff trend in the tech industry either, letting go of up to 14% (1,100) of its staff in November 2022, in a bid to cut operating costs.