- US President Donald Trump’s inaugural committee got hit with a subpoena by federal prosecutors, according to The New York Times.
- Investigators are demanding that the committee hand over documentation pertaining to Trump’s lavish swearing-in ceremony.
- Mentioned in the subpoena is Stripe, a buzzy Silicon Valley online payment company, worth $US20 billion.
- One of Stripe’s notable investors is VC Thrive Capital, the founder and managing partner of which is Josh Kushner, brother to the president’s son-in-law Jared Kushner.
Stripe, a Silicon Valley online payment company which in September hit a massive $US20 billion valuation, has become embroiled in an investigation into US President Donald Trump’s inaugural committee, The New York Times reports.
Citing two people familiar with the inquiry, the Times said federal prosecutors issued a subpoena demanding that officials on the inaugural committee – which organised Trump’s inauguration ceremony – hand over documents about donors, finances, and activities.
They also requested all documents linked to contractors and vendors connected to the inauguration. $US107 million was raised for Trump’s inauguration, an unusually high amount which raised eyebrows at the time.
Accoring to the Times, the subpoena specifically asks for documentation on Stripe, which designed technology to help process credit card transactions.
Although it’s not immediately clear what exactly Stripe’s involvement was, one of its notable investors is Thrive Capital, the VC firm founded by Josh Kusher, brother to Trump’s son-in-law Jared Kushner.
Thrive Capital, which sunk $US30 million into Stripe in 2014, has also backed big players including Spotify, Twitch, and Instagram. Josh Kushner is not named in the subpoena and his spokesman declined to comment to the Times.
Stripe’s rise has been meteoric, it managed to more than double its valuation in two years. It originally had a reputation for working mostly with startups, but as it’s grown in size, so have its clients.
A spokesman for Stripe told Business Insider:
“Stripe builds the economic infrastructure that millions of businesses and organisations around the world use to accept payments and donations online. Advanced tooling gives us end-to-end visibility into transaction flows, and helps us spot financial crimes from money laundering to terrorist financing and corruption. We receive hundreds of subpoenas and other law enforcement requests in the normal course of business, as do other infrastructure companies of our scale.”
Business Insider Emails & Alerts
Site highlights each day to your inbox.