An Allied Market Research report published earlier this year estimates the global mobile payments market to grow 33% annually to $3,388 billion by 2022. The growth in the market is expected to be driven by the Asia-Pacific region. Billion Dollar Unicorn club member Stripe is a leading player in the industry, which also happens to be the most valuable financial technology startup that is still privately held.

Stripe’s Financials

San Francisco-based Stripe was founded in 2009 by brothers John and Patrick Collison who wanted to set up an online platform to simplify the process of accepting payments for websites and apps. Today, Stripe’s service allows websites to accept payments online and through mobile apps by embedding a simple code.

Over the past year, it has also expanded its offerings to include additional services such as Atlas, a program that helps entrepreneurs launch their own Internet businesses and Stripe Radar, an anti-fraud tool for big businesses.

Stripe earns revenues by charging a transaction fee of 2.9% of the transaction value plus a commission of $0.30 per transaction. It does not report its financials, but analysts use its pricing structure to estimate its revenues at $450 million for 2015. Its profitability status is still not known. Its customer list is impressive as it includes names like Target, SAP, The NFL, Lyft, and Macy’s on its banner. It has expanded internationally as well and last year end began establishing presence in the Asian markets.

Stripe is venture funded so far with $440 million raised from investors including Capital G, Visa, Thrive Capital, Khosla Ventures, Founders Fund, General Catalyst Partners, Sequoia Capital, Allen & Company, Y Combinator, SV Angel, Aaron Levie, Chris Dixon, Elad Gil, Peter Thiel, Elon Musk, and Andreessen Horowitz. Its valuation has been steadily increasing. Its last round of funding was held in November 2016 when it raised $150 million at a valuation of $9.2 billion. Prior to that, a July 2015 round had valued it at $5 billion.