October 1, 2021
On September 28th, San Francisco-based digital payments processor Stripe announced that the company will be opening an office in downtown Toronto. The new Toronto office will be Stripe’s first Canadian office and will house some of the company’s engineering, product and sales teams.
In its press release, Stripe notes that Toronto has the second fastest growing major tech community in North America and that Canada has the second fastest growing internet economy in the world. Yunong Xiao, Stripe’s Head of Engineering in Canada as well as Toronto Office Lead, noted that “Toronto has dynamic startups, major financial services, and world-leading tech talent, so opening an office was a natural next step”.
The announcement has also received government attention with Vic Fedeli, the Ontario Minister of Economic Development, Job Creation and Trade, stating that “[o]ur government is thrilled that Stripe has chosen to expand into Ontario for its first Canadian office”. John Tory, the Mayor of Toronto, also commented, stating that “[w]e 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.”
Along with the announcement of the new Toronto office, Stripe also announced four new products that will be available for Canadian businesses: Stripe Tax, pre-authorized debits, faster payout speeds, and a new smart reader for the Stripe Terminal.
By: Zhiyao Chen