Stripe worth $5bn: Collison brothers company gets new round of funding
Stripe, the online payments company founded by Limerick brothers Patrick and John Collison, has raised fresh funding that values the startup at €4.6bn ($5bn).
Chief executive Patrick Collison told The New York Times that the five-year-old firm has taken new investment from Visa, American Express and venture capital company Sequoia Capital. The new investment round, which the company says is "less than $100m", brings Stripe's overall funding to over €200m since it was started in 2010.
Stripe makes it easier for companies to accept credit and debit card payments online, particularly for merchants who have not engaged in online payments before.
The company has also announced a new partnership with credit card giant Visa, a move described as "huge" by investors.
“Stripe is not competing with the card networks,” Michael Moritz, Sequoia Capital partner said. “The fact that Visa has chosen to invest in Stripe, not in PayPal, is of absolutely huge significance."