Business Irish

Friday 19 July 2019

Online payments firm Stripe founded by two Irish brothers now worth $20bn

John and Patrick Collison of Stripe
John and Patrick Collison of Stripe
Louise Kelly

Louise Kelly

The online payments firm founded by two Limerick brothers is now worth $20bn after raising $245m in its latest investment round.

Founded in 2010 by Patrick and John Collison, Stripe's current valuation is more than double its valued worth less than two years ago.

With initial backing from Tesla founder Elon Musk and PayPal's Peter Thiel, the tech start-up now employs more than 750 people.

The San Francisco-based company has expanded its customer base recently to include clients such as Uber and Spotify.

Stripe said it would use the money from its latest fundraising to expand faster around the world, intending to open a new hub in Singapore.

The Collison brothers have invested in startups themselves, including contributing to a funding round for digital bank Monzo.

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