Stripe is giving off early Google vibes—for good and for bad

Good morning, it’s finance editor Jeff John Roberts pinch-hitting for Allie.

Term Sheet readers of a certain age may recall when a young and still up-and-coming company called Google went on an acquisition spree for the ages.

In a four-year span starting in 2003, the search giant hoovered up two ad tech firms, DoubleClick and AdSense, that gave it a full suite of digital advertising tools.

And for good measure, it acquired the firm that built the tech behind Google Earth as well as two little startups called Android and YouTube.

That shrewd run of M&A is a big reason why Google, now Alphabet, is today one of the dominant companies on the planet.

I raise all of this because Stripe has been on a shopping spree of its own that, if things go right, could one day prove as successful as what Google pulled off 20 years before.

Leaving aside its aborted play for PayPal (more on that in a moment), Stripe has since late 2024 acquired two crypto players, Privy and Bridge , that were leaders in the fields of wallets and stablecoins respectively.

The fintech giant has also aquihired a team from Ourum, which specializes in account verification and bank transfers, as well as an outfit called Metronome that handles usage-based billing.

For good measure, Stripe this month closed on a deal worth around $7.5 billion for the buzzy AI distribution service OpenRouter .

Put it all together and Stripe, like Google before it, is strategically absorbing firms that will help it consolidate its existing lead in its core service, while also building capacity in two fields—in this case blockchain and AI—that will define the next decade of technology.

That brings us to the aborted PayPal deal.

The would-be acquisition, which was cooked up this spring, came undone this week after a recent uptick in PayPal’s share price suddenly made Stripe’s original offer of $60.50 per share look too cheap.

Had the deal worked out, it would have added a critical additional piece to Stripe’s growing empire: A massive consumer-facing business to complement its existing merchant-heavy customer base.

According to James Wester, a research director at Javelin Strategies, the PayPal deal falling through may have been for the best.