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OpenAI and Stripe Announce Partnership to Monetize OpenAI’s Flagship Products

Stripe | March 15, 2023

OpenAI and Stripe - OpenAI and Stripe Announce Partnership to Monetize OpenAI's Flagship Products

Stripe, a financial infrastructure platform for businesses, today announced OpenAI has chosen Stripe to power payments as it moves to commercialize its groundbreaking ChatGPT and DALL·E generative AI technologies.

  • Powering OpenAI with Stripe:  OpenAI is working with Stripe to commercialize its generative AI technology. Using Stripe’s suite of products, OpenAI was able to launch a global payments system for multiple product lines in a matter of weeks.

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  • GPT-3: Stripe has long used artificial intelligence to enhance its products and experiences for users, including to help users manage fraud and increase conversion rates. Last year, Stripe worked with Microsoft’s Azure OpenAI team to implement GPT-3 for Stripe Support, which is helping agents identify quicker resolution paths for the many users they interact with each week.
    • Seventy-five percent of the leading generative AI companies have signed up with Stripe to go to market quickly, scale with compliance in mind, and bring their products to many more users worldwide. They include OpenAI, Runway, Diagram, and Moonbeam.
  • GPT-4: After joining the GPT-4 beta in January, Stripe identified a range of ways to use the technology to streamline operations and help users get the information they need, faster. One of the first outputs of this effort is GPT-powered Stripe Docs.
    • This enhancement to Stripe’s high-quality documentation will allow developers to pose natural language queries within Stripe Docs to GPT-4, which will answer by summarizing the relevant parts of the documentation or extracting specific pieces of information. This lets developers spend less time reading and more time building.

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TechCrunch | Christine Hall | Mar 14, 2023

Stripe now valued at $50B following $6.5B raise

  • Digital payments company Stripe announced Wednesday that it raised over $6.5 billion in Series I funding to value the company at $50 billion.
    • As we reported earlier this month, the payments giant was expected to raise a lower amount of funding, around $2 billion, though at $60 billion valuation. More recently, Stripe was publicly valued at $95 billion.

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  • As earlier reported, Stripe intends to use the proceeds to “provide liquidity to current and former employees and address employee withholding tax obligations related to equity awards, resulting in the retirement of Stripe shares that will offset the issuance of new shares to Series I investors.” The company also noted that it “does not need this capital to run its business.”
    • New investors in the round include GIC, Goldman Sachs Asset and Wealth Management and Temasek. They joined existing investors Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners and Thrive Capital.

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NCFA Jan 2018 resize - OpenAI and Stripe Announce Partnership to Monetize OpenAI's Flagship ProductsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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