(Reuters) -Digital payments processor Stripe said on Wednesday it was valued at $50 billion in its latest funding round, much less than the $95 billion valuation in its previous fundraising.

Venture capital giants Andreessen Horowitz, Peter Thiel’s Founders Fund, General Catalyst and others backed the round, which raked in $6.5 billion in proceeds for Stripe.

The company has been aiming to turn profitable before going public, but is unlikely to launch an initial public offering this year, Reuters reported last month.