Ford Motor Co. and financial services startup Stripe Inc. on Monday announced a five-year agreement to overhaul the automaker's online payment process.
Under the agreement, Stripe — which is co-headquartered in San Francisco and Dublin, Ireland and is one of the most valuable startups in the U.S. — would serve as the "premier" payment service provider for Ford and its dealers in North America and Europe. Ford cast the move as an attempt to improve the digital and e-commerce experience for its customers.
"We have been working with Ford to reimagine our e-commerce payment infrastructure," Marion Harris, CEO of Ford Motor Credit Co., the automaker's financial services arm, said in a statement. "Stripe's platform will help us deliver simpler, outstanding payment experiences in any channel customers choose and scale improvements faster."
