Stripe, a leading financial infrastructure platform, has announced the launch of its new flagship office in Toronto, underscoring the city’s position as a growing technology hub and the fourth-largest tech talent market in North America. This move comes as the company reports a significant 50% increase in payment volume from Canadian businesses between 2021 and 2023.
Driving Growth for Canadian Startups and Enterprises
Stripe’s services cater to a diverse range of businesses across Canada, from startups like Workleap and Thinkific to larger enterprises such as Shopify, Enercare, FreshBooks, and SkipTheDishes. The platform enables these companies to develop new revenue models and streamline their operations, contributing to the rapid adoption of Stripe’s products and services in the region.
Over the past year, Stripe has introduced several new tools aimed at enhancing Canadian business operations. These include Stripe Payments, which supports transactions in over 195 countries with 135 currencies and 100 different payment methods, making cross-border sales a major focus for more than half of its Canadian users. The platform’s usage-based billing also simplifies how businesses manage and charge for services based on customer usage.
Matthew Burlak, Head of Canada GTM at Stripe, emphasized the company’s commitment to supporting the Canadian market: “After more than a decade in Canada, we’re proud to partner with many of the country’s most successful startups and enterprises. We’re looking forward to expanding our team and accelerating the growth of even more Canadian businesses.”
Expanding Workforce and Capabilities
To accommodate its expanding operations, Stripe is actively hiring for roles in engineering, product management, sales, and design at its new Toronto office. The company’s recruitment push aligns with its broader mission to innovate and support the evolving needs of Canadian businesses.
Recent Strategic Partnerships and Product Offerings
In addition to the new office, Stripe recently collaborated with Zip, an Australian buy now, pay later (BNPL) provider, to offer flexible payment solutions that allow consumers to split their purchases into four installments over six weeks. This partnership is part of Stripe’s strategy to broaden its range of payment options, following similar collaborations with Mastercard and Google Pay.
Stripe has also rolled out Tap to Pay on iPhone, which enables merchants to accept contactless payments using Interac Debit without the need for additional hardware. Furthermore, the company’s technology has been integrated into Amazon’s Just Walk Out checkout systems, allowing for a seamless and efficient payment experience in high-traffic venues like Toronto’s Scotiabank Arena.
With the expansion of its Canadian presence and the launch of its new office, Stripe is positioning itself as a key player in supporting the next phase of digital transformation for businesses across the country.
