Whop announced a $200 million Series D on October 21, 2026, valuing the digital commerce platform at $5.1 billion. Sequoia Capital led the round, with Shopify Ventures participating. The valuation is about 3.2 times the $1.6 billion figure set during Tether’s strategic funding round in February 2026. Former Sequoia leader Doug Leone joined Whop’s board following the announcement. Whop said its annualized run-rate revenue exceeded $400 million as of September 2026, compared with $60 million at the beginning of 2025. It reported roughly 25,000 active business operators and an average blended transaction fee of approximately 6%. The company plans to expand its international team and establish regional offices in Europe and Colombia. It also reported more than 350,000 daily API calls across over 14,700 monthly active users of its newly launched Whop CLI and Model Context Protocol connectors, pointing to growing use of its developer tools.