The round is Whop's second $200 million raise this year.

Whop, based in Palo Alto, California, has raised $200 million in Series D funding at a valuation of $5.1 billion. Sequoia Capital and Shopify Ventures led the round, announced on October 21.

In the three months before the raise, the company released Economic Intelligence, a decision engine trained on millions of transactions. For each business, it recommends the next move with the highest ROI. Businesses access it by giving Whop an additional percentage of the revenue earned from using the system, which ties the price of the product to the results it produces.

Over the same period Whop launched the Whop CLI, which makes its API usable by any AI agent so operators can run their businesses via prompts. The company has described the API as an end-to-end interface for running a business. The CLI and the company's MCP connectors together take more than 350,000 calls per day; monthly active users stand above 14,700. Business Blueprints, a third release, deploys a ready-to-sell business in a few clicks; the company says more than 21,000 businesses have been created through it in six weeks.

Whop supplies business operators with a gamified interface and an extensive API across distribution, business creation and money. The company reports approximately 25,000 operators generating $550 million per month on the platform and another 50,000-plus people earning a monthly income from work for those businesses. Its customers run from product heads at high-growth startups to 16-year-old first-time founders, and the company says it has facilitated more than $7 billion in on-platform transactions for people in 185 countries.

"We take inspiration from the traditional economy in designing Whop, and because businesses are the primary conduit by which people earn money and create value, we focus on them as our primary customer," said Steven Schwartz, co-founder and CEO.

Whop said most businesses on the platform serve hyper-specific customer needs, naming emergency tree removal services, data suppliers for humanoid robotics companies, invoicing software for trucking companies, neobanks for dropshippers and private jet booking platforms as examples.

Doug Leone, partner at Sequoia Capital, said in the announcement: "They're doing about a half billion revenue, business is doing great, and we're helping humanity create businesses for people who can't find a job."

In its announcement, Whop said AI is calling traditional career paths into question and that entry-level job opportunities are at an all-time low, citing a Forbes report. The company, whose stated mission is to deliver everyone a sustainable income, describes its role as giving individuals control over their own economic future.

Whop said the funding will go to global expansion and to research and development work on payments and advertising efficiency. The company previously raised $200 million from Tether in February at a $1.6 billion valuation. It maintains an office in New York and has roles open in engineering, product, sales and operations.