Stripe moves to bigger London office as it takes on PayPal

Silicon Valley payments unicorn Stripe is moving to bigger London digs in its bid to take on larger rival PayPal in the UK.

The four-year-old company, valued at $5 billion after its latest funding round, is moving round the corner in Old Street to the seventh floor of the new Bower building with plans to double its workforce here to more than 40.

It is the last tenant to occupy the Warehouse part of the building, being let by Helical Bar, and will be neighbours with the likes of online fashion firm Farfetch – another unicorn.

James Allgrove, Stripe's head of UK growth, said: “London is home to some of the most exciting startups — it's thriving as a global tech hub — and the UK is already our largest market outside the US, which is why we'll continue to invest heavily here in 2016.”

Stripe has been in its current office in the capital since mid-2014, a year after it established its UK business.