Whop valuation rises to $5.1 billion in funding round led by Sequoia and Shopify
Key Facts
Business operations and payments platform Whop announced on October 21, 2026, that it had raised $200 million in a Series D funding round, lifting its valuation to $5.1 billion. The company said in its statement that Sequoia and Shopify Ventures led the round, which comes as its services expand to include business operations tools, advertising and automated agents. The new valuation compares with $1.6 billion when Tether invested in February 2026, according to the statement. Investing.com, citing Bloomberg in a report published before the company's announcement on the same day, had put the funding at $205 million. The report added that Doug Leone was joining Whop's board as part of the deal.
Co-founder and Chief Executive Steven Schwartz said the company's annualized revenue had recently exceeded $400 million, according to the report citing Bloomberg. Revenue, measured on the same annualized basis, stood at $60 million at the start of the previous year, according to his remarks. On commercial activity by businesses using the platform, Whop said in an announcement on October 1, 2026, that annual commerce volume on its platform totaled $6.6 billion. In its investment announcement dated February 25, 2026, Tether estimated annual income for participants on the platform at about $3 billion. Tether said at the time that Whop supported more than 18.4 million users and that total transaction volume was growing by about 25% a month.
The previous funding linked to Tether was aimed at expanding Whop's business in Latin America, Europe and Asia-Pacific, according to Tether's announcement. The partnership included giving users a choice between Tether's two dollar-denominated stablecoins. It also included integrating Tether's wallet tools, designed to enable users to "retain direct control over their funds," in the company's words. On the spending side, Whop's business cards allow funds to be used directly from balances held on the platform. Whop said in its card announcement that the service enabled spending without first withdrawing funds to an account at an external bank.
Whop's business operations tools include a command-line interface that allows business owners and their automated agents to launch products and set prices, according to the company's announcement of the tool. The interface also allows users to run advertising campaigns, review sales statistics and move funds, among the operations they can perform through it. In customer acquisition, the company announced the launch of its advertising product integrated with Meta. According to Whop, the product allows users to run advertising campaigns and acquire customers from the platform's own dashboard. Its partnership with Replit also enabled users to monetize projects they build on Replit's platform using Whop's embedded payment service.
In business management tools, Whop announced results from a pilot test of its system called "Economic Intelligence," comparing participating businesses' performance during the month of use with the preceding month. The company said combined sales at these businesses grew by 31.8% over the comparison period. The number of unique paying customers at participating businesses rose by 26.3%, according to the same announcement. The number of transactions also increased by 26.5% during the month of system use compared with the month before use. Whop plans to expand the range of actions its Economic Intelligence system can carry out for businesses, according to its announcement when it presented the product and its pilot test results.
As for the destination of the new capital, Whop specified global expansion and research and development in its funding statement issued on October 21, 2026. The company said it intended to use the proceeds from the round to accelerate its business expansion globally. The announced use also includes supporting research and development efforts alongside geographic expansion. The company described these two priorities in its statement as "global expansion and research and development efforts." These plans follow the previous funding that targeted markets in Latin America, Europe and Asia-Pacific.