Digital payments processor Stripe is opening its first office in Canada in downtown Toronto, Ontario and launching four new products to help power businesses in the country, the company said in a press release emailed to PYMNTS.
The four products — Stripe Tax, Pre-Authorized Debits, faster payouts and a new smart reader for Stripe Terminal — are just the start to the many solutions that will be rolled out in Canada, which has the second-fastest-growing internet economy worldwide.
In the announcement, Ontario Minister of Economic Development, Job Creation and Trade Vic Fedeli pointed to Ontario’s skilled workforce and technology landscape that is home to numerous startups and entrepreneurs.
Stripe decided on Ontario for its Canadian campus in part due to Toronto’s more than 27,000 skilled workers and a significant technology community that is the second fastest-growing hub in North America.
“Toronto has dynamic startups, major financial services, and world-leading tech talent, so opening an office was a natural next step,” said Stripe Head of Engineering in Canada and Toronto Office Lead Yunong Xiao.
“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.
Shopify, Lightspeed, Jobber and Clearbanc are some of the top Canadian brands that Stripe has been working with since it first began operations in Canada in 2012. Stripe is also working with small and medium-sized businesses (SMBs) like Canadian BBQ Boys, Cabinscape and Super Soils.
Toronto Mayor John Tory said in the announcement that Stripe is part of the capital city’s success story and the company’s decision to open offices there is a “further sign of confidence in Toronto’s future.”
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Stripe is always expanding the number of solutions it offers globally and has a tool that enables SMBs to sell online without a website, while also verifying the customer identity, and streamlining accounting processes.