A place on Stripe’s roster of investors was once one of the most exclusive and highly coveted seats in tech. To raise the billions of dollars it now needs, Stripe has had to open the door very wide—and even then not everyone has rushed in.

Stripe is close to lining up investment commitments for the $4 billion fundraising in a deal expected to close next month, a person familiar with the matter said. But Goldman Sachs, which is marketing the offering and a related sale of shares held by employees, had to reach out to a broad group of investors, including wealthy individuals, to raise the money.

Some investors think Stripe’s valuation in the offering, between $55 billion and $60 billion, is too high, even though that’s down from the $95 billion valuation at which Stripe last raised money in early 2021. The Information spoke to half a dozen investors who have explored buying Stripe shares in the $4 billion fundraising. Most of them said they would only invest if the price was much lower.