Stripe one of the world’s most valuable startups, the company told investors it plans to use money it receives in its latest round of fundraising to help cover a roughly $3.5 billion tax bill.

Using an illustrative valuation of $55 billion, the payments giant said it is looking to raise about $2.3 billion to cover tax withholdings in the first quarter, according to an investor document. It plans to withhold an additional $500 million and $700 million in taxes later this year and next year, respectively.

The company also expects to use $600 million of the fundraising to cover costs of taxes tied to exercising some employees’ options, according to the presentation, handed out to wealthy clients of Goldman Sachs.

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Source: Bloomberg

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