One of the most highly-valued startups in the world just announced a "major expansion of its presence into Canada," joining the likes of Google, Amazon, Netflix, Reddit, TikTok, DoorDash, Uber, Pinterest, Wayfair and dozens of other tech giants in opening a downtown Toronto office.

Stripe announced on Tuesday that it expects to sign a lease for office space in downtown Toronto sometime over the next few months, though a location has yet to be revealed.

The goal is to tap into the city's vast pool of local engineering, product and sales talent, as well as to bring more services to its Canadian customers, of which there are many.

"Since Stripe first began operations in Canada in 2012, Canadian businesses have processed billions of dollars through the platform —from industry leaders like Shopify, Lightspeed, Jobber, and Clearco to fast-growing SMBs like Canadian BBQ Boys, Cabinscape, and Super Soils," reads a release from the brand, which already boasts more than 4,000 employees across 11 global offices.

"Stripe is hiring for roles in engineering, product, and sales in Toronto. This team complements Stripe's increasingly distributed engineering workforce — including in Dublin and its London fintech office."

Huge for the Canadian fintech ecosystem!

CC fellow 🇨🇦 @strip pal @ItsIdilOmar ! https://t.co/baYyorwEMQ

— Dylan Itzikowitz (@ditzikow) September 28, 2021

While not as much of a household name as startups-turned-tech giants like Uber or TikTok, Stripe is an incredibly fast-growing company with backing from the likes of heavyweight venture capitalists including Elon Musk and Peter Thiel.

The platform, which has dual headquarters in San Francisco and Dublin, describes itself as a "technology company that builds economic infrastructure for the internet," effectively makes payment processing software for e-commerce.

It is currently used in over 120 countries by millions of companies including Amazon, Google, Slack, Microsoft, Uber, Lyft, Spotify, Nasdaq, Expedia and Zillow, according to Stripe's website. 

Long story short, this company is a big deal — one that investors believe will only get bigger as time goes on. A new Toronto office is part of that growth story.

"I want to thank Stripe for choosing to locate its first Canadian office in Toronto and joining our city's thriving tech community," said the city's mayor, John Tory, in a news release on Tuesday.

"We have a tremendous success story in Toronto when it comes to our tech sector and now Stripe is a valued part of that ongoing success. We have worked hard throughout the pandemic to support people and businesses and make sure that our entire city comes back stronger than ever. Today's great news from Stripe is a further sign of confidence in Toronto's future."

Great to see @Stripe expand its footprint in 🇨🇦

This will have a big impact on local entrepreneurship and Canada’s internet economy—the second-fastest growing in the world. #SmallBusiness #Toronto https://t.co/o55krE1sPf

— Mark Carney (@MarkJCarney) September 28, 2021

Stripe is already hiring for some engineering roles in Toronto, but says it will "continue to recruit for roles" as it expands its team locally and unveils more products for Canadian businesses.

In addition to announcing its forthcoming digs in downtown Toronto, Stripe also announced this morning that it had launched four new products in Canada including something called "Stripe Tax" and Pre-Authorized Debits.

"Our government is thrilled that Stripe has chosen to expand into Ontario for its first Canadian office, and we want to congratulate them on this milestone," said Ontario's Minister Economic Development, Job Creation and Trade, Vic Fedeli, on Tuesday.

"Ontario is home to the world's most talented workforce, strong post-secondary institutions, the brightest entrepreneurs, and a vibrant innovation and tech ecosystem. We look forward to Stripe's collaboration with homegrown talent as they continue their growth in Ontario."