/PRNewswire/ -- Ramp, the leading financial operations platform, announced that new and existing investors including Stripes, GIC, Avenir Growth, Thrive...

Stripe, the financial infrastructure platform for businesses, today shared that it processed $1.4 trillion in total payment volume in 2024, up 38% from the prior year, and equivalent to around 1.3% of global GDP.In their annual letter to the Stripe community, cofounders Patrick and John Collison attributed the rapid growth to long-standing investments in artificial intelligence that “continue to pay off, increasing revenue for existing customers, encouraging more businesses to switch to Stripe, and helping new companies reach significant scale unprecedentedly quickly…In each of the last six years, Stripe has reinvested a much higher proportion of our earnings in R&D than any comparable company. We believe this ability will prove particularly important in the coming years, as stablecoins, AI, and other forces reshape the landscape. Stripe’s growth to date is evidence of the intense market demand for programmable financial services. The associated transformation is still early.”AI investments fuel revenue growth for businesses on StripeHalf of the Fortune 100 now uses Stripe, and the company continues to attract the world’s largest businesses—including NVIDIA, PepsiCo, News Corp, and Comcast—as they seek to reinvent their business models and grow revenue from existing activity.Stripe has invested in AI models that are delivering significant revenue and performance uplifts for its users. Hertz increased authorization rates by 4% when it moved its payments to Stripe, while Forbes saw a 23% boost in revenue with Stripe managing its subscription payments. Car-sharing marketplace Turo captured $114 million in additional annual revenue with Stripe’s Optimized Checkout Suite.“We’re continually retraining dozens of machine learning models that optimize every part of the transaction flow over an economy-scale dataset