Irish brothers’ online payment service is most valuable fintech firm in the world
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Irish brothers’ online payment service is most valuable fintech firm in the world

AN online payment company set up by a pair of Irish brothers nine years ago has just become the most valuable fintech firm in the world.

Stripe, which was founded by Limerick-born entrepreneurs John and Patrick Collison in 2010, reports that they have raised $250m in a recent funding round – bringing their company value to $35bn.

The US firm, which is based in San Francisco, is now deemed the most valuable private fintech company in the world.

Currently providing the payment infrastructure for a range of companies, including Spotify, Airbnb, Uber, Deliveroo, and Booking.com, Stripe now plans to use their newly-won funding to develop the company’s international expansion plans and grow its range of products.

“Even now, in 2019, less than eight per cent of commerce happens online,” said John Collison, Stripe President and co-founder.

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“We’re investing now to build the infrastructure that’ll power internet commerce in 2030 and beyond,” he explained.

“If we get it right, we can help the internet fulfil its potential as an engine for global economic progress.”

Earlier this year the Collison brothers were named the winners of the 2019 Irish Times Business Person of the Year Award.

The judges selected them for their success in raising $345 million in two separate funding rounds in the previous year, which brought their company’s valuation to $22.5 billion.

John, who is 28, and Patrick, who is 30, had won the Business Person of the Month Award for January, and were among 12 monthly winners considered for the overall prize.

The brothers were unable to attend the gala ceremony, which was held in May, due to prior commitments, but addressed the ceremony via a video link.

They told those gathered that they were honoured to accept the award on behalf of everyone working at Stripe.

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Speaking at the time Patrick Collison confirmed that Stripe now has 1,800 employees and expects to employ more than 300 people at its Irish operations by the end of this year.

The award was accepted on their behalf by Don O’Leary, Dublin Site Lead.