The partnership marks the first time that the digital payments company has worked with a car rental company, a Stripe spokesperson said in an email.

With customers expecting “fast, simple, and reliable car rentals,” the expectation is that Hertz drivers will get “on the road more easily,” Stripe Chief Revenue Officer Eileen O’Mara said in the release.

Stripe was founded in 2009 and is dual-headquartered in San Francisco and Dublin, Ireland. It is privately held and has raised $8.7 billion in funding, according to its Crunchbase profile. Stripe announced an employee stock repurchase program last month, a move that was seen as an alternative to an initial public offering, since it gave employees an alternative way to cash out their shares.

There were several leadership changes at Stripe last year; the company replaced its CFO last September and shuffled its board of directors last November.

A spokesperson for Hertz declined to comment about the terms of its partnership with Stripe, pointing to last Thursday’s press release.

By James Pothen on March 12, 2024
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