American payments fintech startup Stripe is reportedly in talks to raise fresh funds at more than two-fold increase in valuation than the previous funding round.

Back in April, Stripe secured $600m funding at a valuation of $36bn. This investment came from investors Andreessen Horowitz and Sequoia Capital.

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The payment company is now looking to raise funds at a valuation more than $70bn or significantly higher, Bloomberg has reported.

The company, the report added, may target valuation as much as $100bn.

According to CB Insights, this funding round could make Stripe as the most valuable venture-backed startup in the US.

Currently, the talks are at a preliminary stage and the round may or may not be completed.

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The company is said to have raised nearly $2bn since its inception ten years ago.

Its other investors include General Catalyst, Founders Fund, and Khosla Ventures.

Founded in 2010, Stripe’s software is used by businesses to accept payments.

It competes with payment giants like Square and Paypal and calls Amazon.com, Salesforce.com, Lyft and Instacart as its customers.

Last month, the firm entered into an agreement to acquire Nigerian payments technology company Paystack to expand into the African market.

In the same month, the cloud-based payment solutions provider PCI Pal also forged a partnership with Stripe to boost payment security for businesses.

This year, it also started its card-issuing business in the US in the wake of the Covid-19 pandemic.

Stripe employs 2,500 people and operates in 14 offices globally, the Bloomberg report added citing its website.