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How Stripe’s billing experiment propelled a $500 million AI-fueled business

Fortune
Summary
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Stripe Billing has become the engine of Stripe’s Revenue and Finance Automation suite.

At the end of January , Stripe crossed $500 million in annual revenue run rate.

The company is one of Silicon Valley's most scrutinized private companies and long-stalked by IPO watchers.

Billing is often the interface between your real revenue and your cash-based accounting world.

Stripe Billing has found a notable home among fast-growing AI startups, from OpenAI and Anthropic to Perplexity and MidJourney .

Stripe's API maintained an uptime of more than 99.9999% during Black Friday and Cyber Monday in 2024 , Stripe said.

In short, billing can become a labyrinth, built up over time in a way that’s interconnected.

Stripe Billing faces a number of billing competitors, said S&P Global’s McKee , who cited Zuora , Chargebee , and Recurly .

Collison isn’t letting on whether billing is part of the gateway to a possible IPO .