Payments company Stripe recently made a big move by acquiring Lemon Squeezy, a competitor that specializes in calculating and paying global sales tax for digital products. Lemon Squeezy, founded in 2021, has quickly grown to surpass $1 million in annual recurring revenue. This acquisition marks a new era in payment processing for both companies.
Stripe CEO Patrick Collison expressed excitement about the acquisition, stating that they plan to expand their merchant of record services. Lemon Squeezy’s expertise in this area will allow both companies to better serve SaaS and software businesses around the world.
Lemon Squeezy CEO JR Farr shared that despite receiving various acquisition offers and funding opportunities, they believed that partnering with Stripe would help them reach new heights. The quick progression from idea to acquisition in under three years showcases the potential for growth in this partnership.
This acquisition is not the first for Stripe this year, as they previously acquired Supaglue, an open-source developer platform, and Okay, a startup focused on low-code analytics software. These strategic acquisitions demonstrate Stripe’s commitment to innovation and expansion in the payment processing industry.
With Lemon Squeezy now part of the Stripe family, customers can expect enhanced merchant of record services and a seamless payment processing experience. This acquisition solidifies Stripe’s position as a leader in the industry and sets the stage for future growth and development in the payment processing space.
