Limerick’s Collison brothers earn their Stripe with $65billion valuation

John and Patrick Collison

A GLOBALLY successful fintech firm founded by two Limerick brothers will be valued at $65billion (€60bn) as part of a deal that will see the company buy up $1billion (€0.92bn) worth of employee shares.

Stripe, founded by Limerick siblings John and Patrick Collison, along with some of their investors, have agreed to buy over $1bn worth of current employee shares, the Wall Street Journal has reported.

It’s understood that venture-capital firm Sequoia Capital and Goldman Sachs’ growth equity fund are among the investors participating in the deal.

The deal would see Stripe valued at $65bn, up on its previous valuation of $50bn last year.

The figure does however mark a drop on Stripe’s 2021 valuation, which saw the fintech firm valued at $95bn.

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In a statement, the chief financial officer with Stripe, Steffan Tomlinson, said: “We’re pleased to once again offer employees an opportunity for liquidity.”

“Our business continues to see strong momentum with the most advanced companies in the world, from newly formed startups to sophisticated enterprises like Alaska Airlines, Best Buy, Lotus Cars, Microsoft, Uber, and Zara, who turn to Stripe’s platform to power their financial infrastructure.”

Founded by the Collison brothers in 2010, Stripe allows retailers to process customer payments and has had a steady upward trajectory since its launch.

According to the Wall Street Journal, this latest deal will help Stripe avoid a flotation until at least 2025.

A flotation refers to a business being made a public company from a private one by issuing shares for the public to purchase.