Stripe has big plans to reduce the cost of Irish start-ups doing business abroad

The company, founded by the Collison brothers from Ireland, has been revolutionising online payments...

Stripe has big plans to reduce the cost of Irish start-ups doing business abroad

Fortune Magazine, YouTube

Mobile payment firm Stripe is launching Stripe Connect - it hopes to make it easier for Irish start-ups to expand into new markets.

In the past, if Irish companies wanted to move into new territories they needed to set up merchant accounts in each country, Stripe Connect allows companies to make and receive payments in the 25 regions that it operates in.

The product offers customisable software for companies to manage payments.

"Modern marketplaces are building more than just simple apps; they provide an end-to-end experience for both consumers as well as the drivers, restaurants, sellers, or contractors on their platform. We’re excited to see the experiences entrepreneurs in the UK, Ireland, and the Nordics will build with Managed Accounts and how they’ll use Connect to scale internationally not only in Europe, but around the world," the company said in a blog post.

Don O’Leary, Stripe’s country lead for Ireland commented on the new product, "Going international is a big challenge for any start-up in Ireland today, and doing that is a question of building on the right infrastructure from an early stage, especially for the most tech-forward platforms."

"Stripe Connect gives Irish businesses instant access to a global market of over a billion potential buyers and sellers, helping a new generation of marketplaces and sharing economy achieve international scale faster than ever before," he continued.