Payments giant Stripe has agreed to acquire Clerky, an online legal platform used by startups and their lawyers to manage routine corporate paperwork.
Clerky announced the deal last week, saying it will continue operating with the same team and focus after joining Stripe. Financial terms were not disclosed.
Founded more than a decade ago by Silicon Valley startup attorneys, Clerky was designed to help companies complete legal paperwork quickly without creating problems during future due diligence. Its platform supports startup formation, financings, equity issuances, hiring documentation, board approvals, and other corporate matters.
Clerky says companies using its platform account for 23% of all seed and pre-seed financings in Silicon Valley and have collectively raised more than $140 billion in venture capital. Hundreds of attorneys and paralegals also use the platform to collaborate with startup clients.
The company reported that startup formation through Clerky grew 6.5 times faster during the past year than its historical average.
Clerky said Stripe’s resources will help it develop new products and features while maintaining its existing service for startups and legal professionals.
The acquisition extends Stripe’s reach beyond payments and financial infrastructure into the legal processes involved in launching and scaling a company. Clerky could also complement Stripe Atlas, which helps founders incorporate businesses in the United States and establish the financial infrastructure needed to begin operating.