Home Banking Stripe cuts off Trump campaign for inciting violence – FinTech Futures

Stripe cuts off Trump campaign for inciting violence – FinTech Futures

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US-based payments processing firm, Stripe, has stripped its services from president Donald Trump’s campaign website, following last week’s domestic terrorism at the US Capitol.

The Wall Street Journal reports Stripe is cutting off all fundraising and accounts associated with the outgoing president.

Stripe says the Trump campaign broke its terms of service.

Sources at the payments firm say Trump violated its policies against encouraging violence. Social media site Twitter has permanently suspended the president for similar reasons.

According to Stripe’s terms of service, users agree not to accept payments for activities deemed by the company to be “high risk”.

This includes businesses which “engages in, encourages, promotes or celebrates unlawful violence or physical harm”.

Stripe has previously disabled accounts associated with right-wing causes. In 2018, it cut off Gab, a social media platform where Pittsburgh gunman, Robert Bowers, posted anti-Semitic messages.

$100 billion

Stripe holds a valuation of around $36 billion. According to Bloomberg the payments firm is aiming to hit the $100 billion mark.

Its latest undisclosed funding round followed a $600 million raise in May 2020. Stripe’s total money raised to date is almost $2 billion, according to PitchBook data.

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