Stripe is expanding its presence in Canada with an office in downtown Toronto—its first in the country—and four new products in Canada: Stripe Tax, Pre-Authorized Debits, faster payouts, and a new smart reader for Stripe Terminal.
Dual-headquartered in San Francisco and Dublin, Stripe offers payment processing software and application programming interfaces for ecommerce websites and mobile applications.
“Our government is thrilled that Stripe has chosen to expand into Ontario for its first Canadian office, and we want to congratulate them on this milestone,” said Vic Fedeli, Ontario Minister of Economic Development, Job Creation and Trade.
“Ontario is home to the world’s most talented workforce, strong postsecondary institutions, the brightest entrepreneurs, and a vibrant innovation and tech ecosystem. We look forward to Stripe’s collaboration with homegrown talent as they continue their growth in Ontario.”
In the coming months, Stripe expects to sign a lease for office space in downtown Toronto to draw on local talent and bring even more Stripe products to Canada.
Stripe is hiring for roles in engineering, product, and sales in Toronto. This team complements Stripe’s increasingly distributed engineering workforce—including in Dublin and its London fintech office.
“Toronto has dynamic startups, major financial services, and world-leading tech talent, so opening an office was a natural next step,” said Yunong Xiao, Stripe’s Head of Engineering in Canada and Toronto Office Lead.
“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.”
Along with the Toronto office news, Stripe announced four new products that will help businesses in Canada make more money with less effort:
1) Stripe Tax helps businesses navigate Canada’s goods and services tax (GST) and sales tax. Stripe Tax streamlines compliance with a patchwork of different and changing national and provincial tax rules, automatically collecting the right tax and generating reports so businesses can file their returns.
2) Pre-authorized debits (PADs). Millions of Stripe users in Canada and the U.S. can now accept one of Canada’s most popular payment methods. Businesses use PADs to easily and securely collect large or recurring payments directly from their customers’ bank accounts.
3) Faster payout speeds allow eligible businesses in Canada to access funds within three working days. As businesses continue to recover from the effects of the pandemic, faster access to their cash helps them pay suppliers and employees quickly, and invest in their growth.
4) Smart reader for Stripe Terminal. The new BBPOS WisePOS E smart reader lets businesses accept in-person payments at their countertop or roaming throughout their store. And because Stripe Terminal is fully integrated with the rest of Stripe, businesses can simplify their operations as retail becomes increasingly hybrid.