Stripe launched a new product, Stripe Connect, this week. The major API update will enable marketplaces to expand into a new region and adapt their business model to that geography quickly.

The company has already signed up key marketplaces to use Stripe Connect including Kickstarter, Twitter, and Lyft.

Stripe Connect is priced at 0.5% of transaction volumes and is initially available only US and Canadian marketplaces. It will roll out to other regions in the months ahead.