Stripe to open first office in Canada

Payments processing provider Stripe is set to open an office in Toronto, its first in Canada, and has launched four products in the country designed to help Canadian businesses, including Stripe Tax.

Stripe, which first began operating in Canada in 2012, expects to sign a lease for office space in downtown Toronto in the coming months, where it will begin hiring for roles in engineering, products and sales.

The new team in Toronto will complement Stripe’s increasingly distributed engineering workforce, including in Dublin and its London fintech office, it said.

“Our government is thrilled that Stripe has chosen to expand into Ontario for its first Canadian office, and we want to congratulate them on this milestone,” said Vic Fedeli, Ontario Minister of Economic Development, Job Creation and Trade.

“Ontario is home to the world’s most talented workforce, strong post-secondary institutions, the brightest entrepreneurs, and a vibrant innovation and tech ecosystem.”

‘Stripe Tax’, pre-authorized debits (PADs), faster payouts and a new smart reader for ‘Stripe Terminal’ are the four products Stripe has introduced to Canada.

Yunong Xiao, Stripe’s head of engineering in Canada and Toronto office lead said that opening an office was a “natural next step”, given that Toronto has “dynamic startups, major financial services, and world-leading tech talent”.

“Stripe has worked side by side with Canadian businesses for nearly a decade now. With a new office and a slew of new products, we’ll be able to help even more businesses and further accelerate Canada’s internet economy,” Xiao added.

Stripe Tax helps companies automatically collect the right tax and generate reports so that businesses can file their returns, while businesses use PADs to securely collect large or recurring payments directly from their customers’ bank accounts.

Stripe said that its new BBPOS WisePOS E smart reader lets businesses accept in-person payments at their countertop or roaming throughout their store.

Open Banking Expo, in association with EQ Bank, is seeking views about the future of Open Banking in Canada – to find out more and take part in the survey, click here.

Image source: Stripe