Stripe's European arm saw sales skyrocket to nearly €50m last year
Turnover at the Collison brothers’ Dublin-based subsidiary increased by over €35 million.
IRISH-FOUNDED ONLINE payments provider Stripe saw sales swell by more than €35 million at its European subsidiary, according to newly filed accounts.
Stripe Payments Europe, which is based in Dublin and headed up by former Twitter executive, Don O’Leary, reported turnover of more than €49.8 million for the financial year that ended 31 December 2015 – up from €14.2 million for the same 12-month period prior.
The company reported an after-tax profit of over €314,000 for the year, up from €93,300 the year before, which pushed accumulated profits to more than €423,000.
Founded by Limerick brothers Patrick and John Collison – Ireland’s youngest ever billionaires – Stripe was recently estimated to be worth over $9 billion after closing a $150 million funding round led by US venture capital companies CapitalG and General Catalyst.
That funding announcement made 26-year-old John Collison – who is two years younger than Patrick – the youngest self-made billionaire in the world, according to Forbes business magazine.
There are only three self-made billionaires under 30: the Collisons and Snapchat co-founder Bobby Murphy.
John (left) and Patrick Collison
Funding
Stripe, which makes software for website owners to accept online payments, has so far raised roughly $460 million through several funding rounds.
Last month, Japan’s Sumitomo Mitsui Card Company, the country’s largest credit card provider, followed in the footsteps of Visa and American Express by investing an undisclosed sum in the startup.
PayPal founders Elon Musk, Peter Thiel and Max Levchin have also taken a stake in the company.
Patrick and John Collison founded the startup in 2010, when they were just 22 and 19.
Staff costs at the European arm in Dublin’s Silicon Docks, which employs just seven workers, were over €854,000 last year.
Headquartered in San Francisco, Stripe employs more than 500 people worldwide with operations in 25 countries.
It can facilitate credit card payments in more than 130 different currencies. High-profile brand names like Macy’s, Bloomingdale’s, Adidas and Nasdaq use the service.
