Payments processor Stripe is reportedly close to securing $4 billion in funding.

According to sources cited by Reuters the latest capital raise could be the largest private funding round in recent years, with investors including Thrive Capital. Current investors include the likes of Goldman Sachs and JPMorgan Chase.

The funding round values Stripe at $55 billion, significantly lower than its early 2021 valuation of $95 billion.

The report notes that the funding is expected to be completed by the end of March, but it could fall short of the target number.

It also says that an initial public offering (IPO) is unlikely in 2023, with the fundraise covering an upcoming tax bill associated with restricted stock units (RSUs) of employees that are soon to expire. The company is however planning for an IPO in the future, but the report says that Stripe wants to become profitable before it does.

The company also needs to replace outgoing finance chief Dhivya Suryadevar, who announced her departure from the company earlier this month to attend to family matters. She will remain in situ until April to help with the transition.

Stripe said that it processed over $14 billion in gross revenue last year, up from $11.7 billion in 2021.

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