Irish brothers' Stripe now a $9 billion success

A fresh funding round raises $150 million for the Limerick pair's fintech venture...

Irish brothers' Stripe now a $9 billion success

Fortune Magazine, YouTube

Tech investors just can't get enough of Stripe, as the US-based fintech firm founded by Limerick brothers Jack and Patrick Collison raises a cool $150 million (€141.14m) in a new funding round.

The company, founded in 2011, is now valued at $9.2 billion (€8.69bn), making it one of the biggest new tech companies in the US and worth $4bn more than its most recent valuation in summer 2015.

CapitalG and general Catalyst led this round, according to the Wall Street Journal, with Tesla's Elon Musk and Facebook's Peter Thiel investing in earlier rounds.

The fresh funds are reportedly going towards building more products, investing in or acquiring other companies and expanding into new markets.

Stripe is also hoping to expand its platform into company incorporation and fraud prevention.
In the past year alone, the likes of Adidas, Medium and Slack have moved to Stripe's payments platform, while both US presidential campaigns used the product.

Now operating in 110 countries, it has proved to be particularly popular with startups such as Deliveroo and Kickstarter.

In July, it unveiled its plans for reducing to the cost of Irish startups doing business abroad as it launched Stripe Connect.

Whereas in the past, companies wanting to move into new territories needed to set up merchant accounts in each country, with Stripe Connect companies can make and receive payments in all the regions in which it operates.

Don O'Leary, country lead for Ireland, said of 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."