The bank is setting up a special vehicle open to its private-wealth clients for investing in just one asset: Stripe’s roughly $4b fundraise, people familiar with the matter said. The strategy is a way to augment offerings for high-net worth clients by bringing them into some of the hottest technology names before they become public, while allowing companies to remain private for longer.
Stripe, which has dual headquarters in San Francisco and Dublin, has been in talks with investors about raising new funding. The company, led by Chief Executive Officer Patrick Collison, has told potential investors it will turn a profit this year and is on track to process $1 trillion in payments.