Monday 26 September 2016

Irish-born Stipe co-founder Collison denies $500m claim

Adrian Weckler Technology Editor

Published 22/05/2015 | 02:30

Patrick Collison
Patrick Collison

IRISH-born Stripe co-founder Patrick Collison has denied media reports that his US-based online payments company is about to raise $500m in fresh funding.

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Several US technology and financial media outlets are reporting that the company he co-founded with younger brother John Collison is in discussions about a financing round that will see the company valued at $5bn (€4.5bn).

"This story is false," said Patrick Collison, inset. "We've never even contemplated raising such a vast amount of money."

The company has already raised $190m (€171m) from high profile Silicon Valley investors, including Peter Thiel and Elon Musk.

Stripe makes it easy for websites to accept online payments. It's used by thousands of companies around the world and is now seen as serious competition to PayPal.

Stripe recently completed deals with Facebook and Twitter to power 'buy now' ecommerce functions on the social media sites. Stripe, which is based in San Francisco, was founded in 2010 by the Limerick brothers.

Stripe, which now employs over 150 people, also recently signed major deals with Apple and Chinese online payment firm Alipay. It has been expanding throughout the world, with several European and Asian countries now added to the US and Canada for its availability.

Both Patrick (26) and John (24) are past pupils of Castletroy College in Limerick and grew up outside Nenagh. Patrick is a former BT Young Scientists winner.

Irish Independent

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