The crowdfunding platform Indiegogo has moved its payment processing for not-for-profit campaigns to Stripe, Bank Innovation has learned.
Indiegogo’s for-profit payment processing already relied solely on Stripe, so this means all credit card payments on the crowdfunding platform now use the service built by the billionaire Collison brothers. Not-for-profit processing was formerly done by FirstGiving, a nonprofit specialist. Payments can also be made via PayPal.
An Indiegogo spokesman confirmed that the company had shifted all its card payment processing to Stripe. “The reasoning behind it was to streamline the process,” he said. “And Stripe has added benefits. It allows us to disperse funds [across all Indiegogo campaigns] all at one time. It also allows for consistent processing and reporting.”
Stripe also offers processing in a number of different currencies. Indiegogo announced it was activating this feature of Stripe’s back in November.
Though its numbers are not public, Indiegogo says it has facilitated the funding of more than $1 billion since 2008. Stripe, meanwhile, processes more than $20 billion transactions a year, usually charging businesses 2.9% — in addition to $0.30 — per transaction.
The San Francisco-based payments company recently raised another $150 million at a valuation north of $9 billion.Like This Post