With a series of ground-breaking innovations, Stripe has revolutionized the way businesses accept payments since its foundation 15 years ago. Stripe has kept up with the fast evolution of technology by introducing new products and services that enable companies to concentrate on what really matters—the consumer.

These days, Stripe's payment capabilities serve a variety of sectors. John Collison, president and co-founder of Stripe, states: "We're excited to enable top AI startups, like OpenAI, Mistral, Perplexity, and Anthropic.

Naturally, the UK is recognized for its prowess in the field of artificial intelligence, and we are honored to have backed the majority of its pioneers, including ElevenLabs, Synthesia, PolyAI, Veed.io, Humanloop, Context.ai, and many more.

On the opposite end of the spectrum, our enterprise business has experienced significant growth. Leading UK businesses including Octopus Energy, ITV, Hargreaves Lansdown, and Nando's are collaborating with us.

"And they’re joined by lots of global enterprises who are building on Stripe like Amazon, Hertz and Maersk."

Stripe presents its most recent product releases at Stripe Tour London 2024, explaining how its payment capabilities may support UK firms in achieving critical expansion.

John says, "Stripe only grows when all of you grow."

In the UK, Stripe introduces open banking.
Stripe has launched Pay by Bank, its first venture into open banking in the UK, to aid in the growth of its clients. Customers may pay directly from their bank account with this affordable, real-time payment option, which lowers payment expenses and improves cash flow for businesses.

Leading insurance brokerage AJ Gallagher and online vehicle marketplace Cinch are already using Pay by Bank in the UK to save payment costs and enhance cash flow.

"With Pay by Bank, businesses can now toggle on all of these payment methods directly from the Stripe dashboard," explains Ruhi Dang, Head of EMEA Product at Stripe.

However, how do you choose which payment to provide to which client? Ruhi goes on, "This is when AI comes into play.

To maximize your conversion rate, our models—which have been trained on millions of businesses and billions of dollars' worth of cumulative payment volume—present your clients with the appropriate payment option at the ideal moment.

"They consider factors such as transaction amount, device type, browser, location, currency, and even more subtle things like the consumer's past purchasing behavior or industry commerce patterns."

Utilizing Pay by Bank clearly pays off, as seen by a 3% boost in conversion and a 7% increase in average transaction volume.

Stripe Capital: Giving firms access to capital
Additionally, Stripe has announced the opening of Stripe Capital in the UK, giving small and medium-sized businesses (SMBs) access to flexible funding to support their expansion efforts.

The service proactively qualifies a firm for funding based on their transaction history and business history on Stripe. After approval, money is deposited into accounts the following working day, and companies pay back the money as they make it.

In the US, Stripe Capital has already shown notable results, assisting SMBs in growing sales 114% faster than their competitors, with the smallest companies experiencing revenue growth that is 140% higher than competitors.

"For UK businesses that draw in marketplaces or platforms on Connect, they'll be able to use Stripe Capital later this year to offer financing to their sellers," explains Alex Vogenthaler, General Manager of Payments, Connect, Global, and Consumer at Stripe.

"All of this will help them grow their own business, whether it's to help them buy new equipment, hire more people, improve their customer experience, or invest in marketing."

In addition to launching a new suite of products in the UK, Stripe is growing its physical footprint in the industry by establishing a new flagship location in the City of London to accommodate its growing engineering, sales, partnerships, and operations staff.

The most recent Stripe product to launch in the UK coincides with the company's announcement that it intends to separate its core payments business from its larger software stack.

"Over the past few years, we've quietly made several Stripe services work well with other PSPs, and now we're taking this one step further," says Will Gaybrick, President of Product and Business at Stripe. Our modularity is now extended to the Stripe payment processing core.

Our Vault and Forward API has been released, allowing you to use Stripe with additional payment processors. Our optimized checkout suite is now available for usage by businesses using different PSPs."