How Stripe Built a $ 35 Billion Company
Stripe, Inc. is an Irish-American financial services and software as a service (SaaS) company dual-headquartered in San Francisco, United States and Dublin, Ireland.The company primarily offers payment processing software and application programming interfaces (APIs) for e-commerce websites and mobile applications.
Irish entrepreneur brothers John and Patrick Collison founded Stripe in Palo Alto, CA, in 2009. In 2011, the company received investment of $2 million including from PayPal co-founders Elon Musk and Peter Thiel, Irish entrepreneur Liam Casey, and venture capital firms Sequoia Capital, Andreessen Horowitz, and SV Angel. In March 2013, Stripe made its first acquisition, Kickoff, a chat and task-management application. In 2012, the company moved from Palo Alto to San Francisco.
In October 2019, the company announced that it would be moving from the South of Market area to Oyster Point in the neighbouring city of South San Francisco in 2021.In February 2021, former Governor of the Bank of England, Mark Carney, was appointed to the Stripe board.On October 20, 2021, Stripe acquired accountancy platform Recko; Recko’s solution will be added to Stripe’s existing suite of financial tools.
In January 2022, Stripe entered a five-year partnership with Ford Motor Company; through this deal, Stripe will handle transactions for consumer vehicle orders and reservations.That same month, Stripe partnered with Spotify to help creators monetise subscriptions, accept payments and launch recurring revenue streams. In April 2022, Twitter announced that it will partner with Stripe Inc (digital payments processor) for piloting cryptocurrency payouts for limited users in the platform.
“The crypto payments will be routed through Stripe Connect, which will also handle KYC requirements”, Stripe said. The company announced it is also planning to add options for payment in other cryptocurrencies in the future. In April 2022, Stripe announced its strategic partnership with UK-based FinTech company ION.The Wall Street Journal reported in July 2022 that the company’s internal share price had fallen, announcing in a message to staff that its value was $29, down from $40
How Stripe Became A Multibillion Dollar Company with a New Approach to Payments?
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