This year is turning out to be another big year for tech companies’ IPOs and at the moment, it looks like Striped – a payment processing company founded by brothers Patrick and John Collison – will be the year’s hottest offer. In October 2020, Stripe was valued at $ 36 billion. Five months later, Stripe is valued at $ 115 billion. The coronavirus epidemic has prompted more people to shop online, which is great news for digital payment platforms such as Stripe. The Collison brothers founded Stripe in 2010 under the name / dev / pay. In 2011, PayPal co-founders Peter Thiel and Elon Musk invested $ 2 million in startups, along with Sikoya Capital, Andreessen Horowitz, and SV Angel.
Patrick Collison was born on 9 September 1988 and John was born on 6 August 1990 in Limerick, Ireland. He grew up in Drominer, a small village in County Tipperary with his parents, microbiologist Lily and engineer Dennis, and another brother. Patrick and John learned programming at a very young age. Patrick took his first computer course at the University of Limerick at the age of eight. The brothers set up their first company, Shuppa, in 2007. The company merged with another company, Octomatic, started by the brothers, which created software for eBay sellers. Patrick and John auctioned off in 2008 for $ 5 million. Patrick was a student at the Massachusetts Institute of Technology. In 2009 John moved to the US to attend Harvard. After the sale of Octomatic, John dropped out of Harvard and Patrick dropped out of MIT. The brothers moved to Silicon Valley for their next company – Striped.
The Collison brothers established Stripe to solve the problem among app developers. The Internet and smartphones had made it easier to manufacture and launch products with global reach, however, paying for those products was still incredibly complex. Therefore, Collison created a system that enables people to accept payments immediately. The stripe was quickly caught. In the early days, the Collison brothers did everything; He wrote the code, handled customer service issues and went out to deliver his new service to potential customers. Today, the brothers have a lot of staff to handle, while John deals with sales and partnerships and Patrick focuses on engineering and is the face of the company. Initially, John and Patrick rode their bikes to the strike offices every day. Despite already being a millionaire, he was too frugal to buy a car.
Since 2010, Stripe has received 12 rounds of funding. The first seed round was in August 2010 of YCombinator. The second seed round was a $ 2 million investment in March 2011 from the Musk, Thiel and VC firms.
The series was invested $ 18 million on February 9, 2012 from Sequoia Capital, valued at $ 100 million.
On July 9, 2012, Series B was a $ 20 million investment from General Catist.
On January 22, 2014, there was an $ 80 million investment in Series C Part One, with the Founders Fund’s strip at $ 1.75 billion. Series C Part Two was a $ 70 million investment from Thrive Capital on December 2, 2014, valuing the strip at $ 3.5 billion. Series C Part Three had $ 100 million in cash.
Series D was a $ 150 million funding round on November 25, 2016 from CapitalG and General Catalyst, with a strip of $ 9 billion. This round of funding officially made Patrick and John Collison billionaires.
Series E was an investment of $ 245 million from Tiger Global Management on September 27, 2018, a strike of $ 20 billion.
The series was an F $ 100 million investment from Tiger Global Management on January 29, 2019, pushing Stripe’s valuation to $ 22.5 billion.
On September 19, 2019, Series G saw revenues of $ 250 million, for a $ 36 billion valuation, and $ 600 million on April 16, 2020, for a valuation of $ 36 billion. Both were from Sequoia, General Catalyst and Andreesen Horowitz. GV also participated in a $ 600 million round of financing.
As of this writing, Stripe is valued at $ 115 billion and there are rumors about an upcoming IPO. Whether the payment processing company makes its IPO in 2021 remains to be seen. One thing and all is certain – although it will be the hottest IPO of the year whenever Striped is public.