Stripe, a company that develops economic infrastructure for the internet, announced it has secured a Series I fundraise of over $6.5 billion at a valuation of $50 billion.

Existing shareholders like Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners, and Thrive Capital have invested in the round, alongside new investors such as GIC, Goldman Sachs Asset and Wealth Management, and Temasek.

According to Strip, the funds will be used to provide liquidity to current and former employees and address employee withholding tax obligations related to equity awards, leading to the retirement of Stripe shares. This move will offset the issuance of new shares to Series I investors, and Stripe will not need this capital for running its business.

“Over the last 12 years, current and former Stripes have helped build foundational economic infrastructure for millions of businesses around the world, and this transaction gives them the opportunity to access the value they’ve helped create,” said John Collison, cofounder and president of Stripe. “But the internet economy is still young, and the opportunities of the next 12 years will dwarf those of the recent past. There’s so much to discover and to create. For us, it’s now back to work.”