March 4, 2021

Coin Tastic

Business Managements for you

Mark Carney, former head of the UK and Canadian central banks, has joined the board...

Mark Carney, former head of the UK and Canadian central banks, has joined the board of US digital payments company Stripe Inc, days after the firm was reported to be planning a primary funding round valuing it at more than $100bn (£71bn).

“Regulated in multiple jurisdictions and partnering with several dozen financial institutions around the world, Stripe will benefit from Mark Carney‘s extensive experience of global financial systems and governance,” the company said on Sunday, confirming a report by the Sunday Times newspaper.

In a statement on the company’s website, Carney recognised the very nature of commerce has changed over the past decade, saying Stripe had been at the forefront of enabling the new digital economy.

“I look forward to supporting Stripe over the coming years as they build the global infrastructure that enables the internet to become the engine for strong and inclusive economic growth,” added Carney, who stepped down as governor of the Bank of England in March.

Forbes magazine reported on Wednesday that investors were valuing Stripe at $115bn.

A senior Stripe executive told Reuters in December that the company plans to expand across Asia, including in south-east Asia, Japan, China and India.

The company offers products that allow merchants to accept digital payments from customers and a range of business banking services.

Stripe raised $600m in April and was valued then at $36bn.

Consumer-facing fintechs have recorded a boost to their businesses during the Covid-19 pandemic, as people stay at home to avoid catching the virus and increasingly manage their finances online.

Carney, had a 13-year career at Wall Street bank Goldman Sachs in its London, Tokyo, New York and Toronto offices.

The former Bank of England governor is the United Nations special envoy on climate action and finance.

Stripe was founded in 2010 by billionaire Irish brothers Patrick and John Collison, now aged 32 and 30.

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Mark Carney joins the board of digital payment firm Stripe

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