How John Collison Became One Of The Youngest Billionaires On The Planet
The latest list of the wealthiest people under the age of 30 is out and only three of the 10 wealthiest 20 are self-taught: Kylie Jenner (sort of), Evan Spiegel, and John Collison. Along with his older brother Patrick, John co-founded the Stripe mobile payment app. In 2019, Stripe raised an additional $ 100 million in a Series E ride from investment firm Tiger Global Management, raising the valuation of the payment startup to $ 22.5 billion and each brother’s individual equity to $ 2.1 billion. John is two months younger than the CEO and co-founder of Snapchat, Evan Spiegel.
John was born in Limerick, Ireland on August 6, 1990. He grew up in the small Irish village of Dromineer. John and his brother Patrick learned programming at an early age and founded their first business, Shuppa in 2007 while they were still in high school in Limerick, Ireland. John was a very good student and got the highest marks possible in his high school final exams. John was accepted to Harvard and went to the United States for university in 2009. Shuppa then merged with another company of the Collison brothers, Automatic, and John left Harvard to move to Silicon Valley. The company has created software for eBay sellers. The Collison brothers sold this business for $ 5 million while they were still teenagers, and the brothers began founding the business that developed in Stripe.
Stripe was created to solve a problem among application developers. The internet and smartphones made it easier to create and launch products with global reach, but paying for them was still incredibly complicated. So the Collisions created a system that allowed people to accept payments instantly. Stripe was launched in 2011 and quickly spread. Stripe’s early investors include Elon Musk, Peter Thiel and Max Levchin, all of whom were instrumental in founding PayPal, as well as Sequoia Capital. At first, the Collison brothers did everything; they wrote the code, managed the customer service issues and went out to present their new service to potential customers. Today, the brothers have employees to handle much of the workload while John handles sales and partnerships and Patrick focuses on engineering and the face of the business. At first, John and Patrick drove through Stripe’s offices every day. Although they were already millionaires, they were just too thrifty to buy a car.
Today, Stripe has more than 2,000 employees in its San Francisco offices. As a billionaire, Collison, a licensed pilot, enjoys flying planes in his spare time. He also runs and hikes, often with his Stripe employees.