Wednesday 28 September 2016

Collison brothers in bid to "increase the web's GDP"

Published 01/11/2015 | 02:30

Patrick Collison, the current cover star of Forbes magazine
Patrick Collison, the current cover star of Forbes magazine

Stripe, the $5bn 'unicorn' tech company set up Limerick brothers Patrick and John Collison, is "just getting started" according to the twenty-something entrepreneurs.

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In an exclusive Sunday Independent interview ahead of this week's Web Summit, the brothers insist that the drive to fix how people pay for things "has decades" to run.

"We're barely off the starting blocks," said Patrick Collison, chief executive of Stripe. "Less than 5pc of all spending in the world today takes place on the internet. If we want to be the agent that turns that 5pc into 10pc or 20pc, we still have a vastly long way to go."

The company, which has raised almost $200m in funding to date, is now looking to expand "the GDP of the internet", according to his brother, John,

"Today, on a phone, it's silly how hard it is to pay for something," said John Collison. "You click into a web page and then you get seven different screens and then you get redirected to some 3D Secure page. It's endless. On your phone, what should take two minutes ends up being a ten-minute checkout process."

The company, which is currently hiring in Dublin, recently launched a new system to allow easier payments on phones and within social networks such as Facebook and Twitter.

Sunday Indo Business

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