Online payments company Stripe, which was founded by two Irish brothers Patrick and John Collison, is now worth $36bn after raising $600m in a Series G round.

Stripe was founded in San Francisco 2009 when CEO Patrick Collison was just 22 and his brother John was 19.

Prior that the brothers who hail from Nenagh but as teenagers living in Limerick established a start-up in 2007 called Shuppa that later became known as Auctomatic. They sold Auctomatic for $5m when they were just 19 and 17 respectively.

“People who never dreamt of using the internet to see the doctor or buy groceries are now doing so out of necessity”

A previous fundraising last year valued Stripe at close to $23bn and the company is tipped for a potential IPO.

Stripe intends to invest the fund in stepping u p product development, global expansion and strategic initiatives.

In September ThinkBusiness reported how the company had surpassed its 2,000th employee milestone.

Bringing the global economy online

In a statement, Stripe said that Covid-19 is pushing the global economy online, underscoring the importance of the company’s mission “to increase the GDP of the internet.”

Stripe provides an on-ramp to the digital economy for businesses around the world. The rate of new businesses going live on Stripe has accelerated since the start of the year, it revealed.

With more than $2bn on its balance sheet, a capital-efficient business model, and a highly-diversified, growing, global user base, Stripe said it is in a position to both provide uninterrupted service to its users in a time of stress and invest in long-term improvements.

Businesses joining its platform this year include Caviar, Coupa, Just Eat, Keap, Lightspeed, Mattel, NBC, and Paid as customers. On Friday the company added video conferencing player Zoom to the list of companies using Stripe to modernise their payments stack and grow internationally.

The company said it was stepping up its payments to bring more businesses onto the internet’s high street and overcome the chilling impact of Covid-19 on bricks and mortar businesses. This includes individual farmers with no experience running an internet business, who can quickly get started with Stripe to sell fresh produce online.

Stripe said will shortly have facilitated $1bn in sales for businesses that launched on Stripe since the onset of the virus in the US.

Stripe plans to invest further in growing its platform, including: continuing to hire around the world; deepening its stack of software functionality to simplify online business; accelerating its geographic expansion (with upcoming launches in Bulgaria, Cyprus, the Czech Republic, Hungary, Malta, and Romania); and pursuing strategic initiatives or acquisitions, no matter the climate.

The expansion is being largely driven from Stripe’s Dublin office in The One Building near Silicon Docks, which is the company’s fastest-growing office and its first international engineering hub.

“People who never dreamt of using the internet to see the doctor or buy groceries are now doing so out of necessity,” said John Collison, president and co-founder of Stripe.

“And businesses that deferred moving online or had no reason to operate online have made the leap practically overnight. We believe now is not the time to pull back, but to invest even more heavily in Stripe’s platform.”

Pictured at top: Stripe founders John and Patrick Collison

Written by John Kennedy (john.kennedy3@boi.com)

Published: 20 April, 2020

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