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From Tipperary to Silicon Valley: how Stripe became vital cog in digital economy

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The latest fundraising round by the digital payments firm Stripe has boosted the net worth of its co-founders, Patrick and John Collison, to about $11.5bn (£8.3bn) each, catapulting them into the top bracket of the world’s millennial billionaires . Not bad for two brothers from the tiny Tipperary village of Dromineer, population: barely 100.

In little more than a decade the Collison brothers have developed Stripe, which has headquarters in Dublin and San Francisco , from a tech startup into a vital cog in the global digital economy, providing customer payment and other e-commerce services to brands ranging from Google, Amazon and Uber to Deliveroo, Spotify and Peleton.

The coronavirus pandemic has accelerated the switch from physical to online payments over the past year and the brothers have just tapped investors for $600m to fund further expansion. This has boosted Stripe’s valuation to a whopping $95bn, making it the most valuable of Silicon Valley’s private tech companies.

It is all a far cry from the Collisons’ childhood in Dromineer, a rural village with “nothing but mooing cows”, elder brother Patrick told the Financial Times . The pair grew up in a house that was not even connected to the internet for […]

Click here to view original web page at www.theguardian.com

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