Stripe expands into 5 new European countries

Stripe, the $36bn global online payments giant founded by two Irish brothers, is continuing its European expansion.

Online payments player Stripe has officially launched into five new European countries.

Stripe today (27 May) announced its official launch in the Czech Republic, Romania, Bulgaria, Cyprus, and Malta.

“We are nearing our goal of making Stripe universally available to businesses across the continent”

The move is being spearheaded from Stripe’s European headquarters in Dublin where the company employs 300 people.

Europe is home to some of the largest and fastest-growing online economies in the world, explained Matt Henderson, Stripe’s business lead in Europe, Middle East and Africa (EMEA).

Henderson said that this growth is even increased by the accelerated shift from offline to online that the Covid-19 crisis has brought with it, making the need for financial infrastructure and accessibility more apparent than ever. Stripe’s availability now enables more European entrepreneurs and businesses to start accepting payments online from around the world in a matter of minutes.

“Stripe is in 39 countries now, 29 of which are in Europe,” Henderson said. “We are excited about bringing Stripe to even more European countries, making payment acceptance and money movement faster and less complicated for everyone. We are nearing our goal of making Stripe universally available to businesses across the continent.”

Online companies in the Czech Republic, Romania, Bulgaria, Cyprus, and Malta can now gain access to Stripe’s entire product stack to launch, run, and scale their business globally ㄧincluding Stripe Connect for running multi-sided marketplaces, Billing for subscriptions and recurring payments, Radar for fraud detection and prevention, Sigma for analytics, and more.

Stripe has been available for beta testers in these countries for a while, and their feedback has been instrumental for optimizing the local Stripe experience.

“Stripe makes it much easier for me as a solo entrepreneur to win clients around the world and work together with them. It makes selling my online educational products easier, offers my clients better ways to pay their invoices, gives me more detailed reports and statements for my accountant, and is just a faster and cleaner experience overall. I’m excited that Stripe has come to Romania,” explained Alexandru Vita, Founder, Foreground Web, Romania.

Earning their Stripe

Two young men looking at phones.

Stripe founders John and Patrick Collison

It emerged recently that 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.

Stripe intends to invest the latest funding in stepping up product development, global expansion and strategic initiatives. In September ThinkBusiness reported how the company had surpassed its 2,000th employee milestone. The company is spearheading its global expansion from its European headquarters in Dublin.

Stripe, which has more than $2bn on its balance sheet and is speculated to be plotting an IPO, 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.

“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.”

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

Published: 27 May, 2020