Stripe just became Silicon Valley’s most precious gem
The Hustle

Stripe just became Silicon Valley’s most precious gem

Whether or not they realize it, nearly every adult in America has used Stripe. This week, the payments platform raised $600m.

Patrick and John Collison have got the luck of the Irish.

Stripe — the Irish brothers’ digital payments brainchild — has reportedly raised $600m at a $95B valuation, making it the most valuable private company ever to come out of Silicon Valley.

Here’s why: It’s the platform other platforms use to process money

Some 90% of US adults have bought from companies that use Stripe.

The company counts Amazon, Salesforce, Microsoft, Shopify, Uber, and Zoom among its customers — and at least 50 of these customers process $1B+ on Stripe annually.

In 2020, the company signed up 200k+ new European customers and handled 5k requests per second.

All this success is a boon for Ireland

Stripe plans to invest heavily in Europe and create 1k jobs at its Dublin HQ, a plus for a budding Irish startup community that saw total VC funding jump 13% in 2020.

CEO Patrick Collison, still just 32, was especially proud of a $50m investment in Stripe from Ireland’s National Treasury Management Agency.

But Stripe didn’t even need the funding…

… “It will just sit on the balance sheet” as a “rainy day fund,” according to Mike Moritz, partner at Sequoia and a Stripe board member.

Stripe, whose mission is to increase the GDP of the internet, sees a wide-open road ahead, with just 14% of commerce happening online today, up from 10% a year ago.

Stripe’s already done well at achieving that mission: The company has greater payment volume today than the entire ecommerce market when it was founded a decade ago.

Patrick and John, the next round of Guinness is on you.

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