The main value for Stripe is not in the payments processing itself (I would estimate they take about 0.2% from TPV as fees). The main value is the add on servic

The main value for Stripe is not in the payments processing itself (I would estimate they take about 0.2% from TPV as fees). The main value is the add on services, and in particular short term loans to SMBs secured by incoming payments. Overall, Stripe is a strong and successful business with room to grow. Is >100x P/E justified? Probably not from pure financial perspective. However if you take into account “hype” then the price is about right.