Stripe is a payments technology company that is helping build the economic infrastructure for the internet.
Stripe makes software that processes payments for ecommerce businesses. Customers like Stripe because its products make it easier for them to start and grow their companies. Stripe deals with the complexities of the financial system on behalf of its customers, which frees up time for them to focus on building their products. The company makes its money from processing fees, which change depending on which country the transaction is being made in.
Longer term, it would be a mistake to see this company as just a highly efficient payments processor. Rather, Stripe is setting out to make entrepreneurship easier and thus significantly increase the amount of business conducted online. The roots of the business may lie in payments, but the founders want to understand their customers' other financial problems, whether fraud, cash flow or inventory management. The vision has always been, ‘Why can’t we move money around in the cloud in the same way we can move data?’
Stripe was founded in 2010 by Irish brothers Patrick and John Collison. Patrick taught himself to code at the age of 10 and by 16 he had won Young Irish Scientist of the Year. He dropped out of school to go to MIT, then founded Auctomatic, a tool to manage eBay businesses, with his brother, John. In 2008, that business sold for $5m when both were still in their teens.
in October 2019.
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