Stripe expands to Canada, opens Toronto office
San Francisco and Dublin based Stripe, which builds payment infrastructure for the internet, has announced a major expansion of its presence in Canada. Stripe will soon open an office in downtown Toronto, Ontario—its first in the country—and has launched four new products in Canada: Stripe Tax, Pre-Authorized Debits, faster payouts, and a new smart reader for Stripe Terminal.
“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. Toronto has the second fastest-growing major tech community in North America, with over 270,000 skilled workers, and Canada’s internet economy is the second-fastest growing in the world. Since Stripe first began operations in Canada in 2012, Canadian businesses have processed billions of dollars through the platform—from industry leaders like Shopify, Lightspeed, Jobber, and Clearco to fast-growing SMBs like Canadian BBQ Boys, Cabinscape, and Super Soils.
“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.”
Stripe said that it 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.
“I want to thank Stripe for choosing to locate its first Canadian office in Toronto and joining our city’s thriving tech community,” said Toronto Mayor John Tory. “We have a tremendous success story in Toronto when it comes to our tech sector and now Stripe is a valued part of that ongoing success. We have worked hard throughout the pandemic to support people and businesses and make sure that our entire city comes back stronger than ever. Today’s great news from Stripe is a further sign of confidence in Toronto’s future.”
SkipTheDishes, Canada’s leading food delivery network, began using Stripe in 2015. Since then, the company has grown rapidly, increasing its restaurant offering by 69% in 2020 and extending its market lead in monthly orders in 2021. SkipTheDishes now runs even more of its business on Stripe, including Instant Payouts to power its Fast Cash program, helping couriers get their money in as little as 30 minutes.
“Stripe’s products have played a major role in SkipTheDishes’s success over the years, supporting our growth as we’ve scaled from thousands to millions of customer transactions a month in communities all across Canada,” said Rob Stewart, Director of Engineering at SkipTheDishes. “We’re excited to see what impact this expansion will have on other internet businesses operating in Canada.”
Stripe noted that it has been rapidly adding products to its global toolkit. Businesses can now use Stripe to sell online without a website, verify the identity of their customers, simplify their accounting—and even fight climate change.
Four new products are helping businesses in Canada make more money with less effort, helping them run complex operations as they bounce back from the pandemic:
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.
In the coming months, Stripe said it will continue to recruit for roles as it expands its team in Canada and unveils even more products for Canadian businesses.