Collison start-up company could be heading for US$1BN valuation

Alan Owens

Reporter:

Alan Owens

STRIPE, the internet start-up company founded by Limerick tech millionaires John and Patrick Collison, could be heading for a $1 billion valuation.

STRIPE, the internet start-up company founded by Limerick tech millionaires John and Patrick Collison, could be heading for a $1 billion valuation.

The company, which the Castletroy College students founded in mid-2010, has been given an ‘informal’ billion dollar valuation and marked as a rising star by a New York based stock trading company.

SecondMarket, which has previously been involved in sales of pre-IPO Facebook stock, marked out Stripe along with social network Pinterest and Warby Parker as among the top emerging internet companies and suggest that they move towards a stock market flotation.

The company was valued as recently as February at over $100m after some of the top investors in the US flocked to buy a stake in the company.

They received $18m in funding in February from Sequoia Capital, a previous investor along with Peter Thiel, a venture capitalist who was an early investor in Facebook.

The brothers, aged in their early 20s, are already millionaires - as well as being veterans of the Silicon Valley world. In 2009, while still in their teens, they netted more than $5m when they sold the internet company they had established just over a year earlier.

John Collison explained of Stripe last year in an interview with Siliconrepublic.com that it was “founded to make it easier for people to charge money online. A product we’re creating for developers is to make it easy for developers who build a site to incorporate payments into that. That’s what we’re building”.

“When you look at the iPad and how well it’s doing, it has solved the payment aspect. In app payments - you just go to buy some app, hit download and put in your password and that’s it. But on the web this hasn’t been solved.”