Limerick brothers’ payments company processed over $1trillion last year

John and Patrick Collison

AN ONLINE payments company co-founded by two Limerick brothers was “robustly cash positive” in 2023, according to their annual letter.

Global fintech company Stripe was set up by Patrick and John Collison in 2010. In 2023, the company processed over $1trillion (€910billion) in payments, up by 25 per cent on the previous year.

In their annual letter, the Collison brothers said that the company was “robustly cash flow positive” in 2023 and expect it to remain this way through 2024.

“This threshold is important because it allows us to invest for the long term, building what we believe our users need 10 years from now, without regard for the natural volatility of capital markets,” the letter read.

Earlier this year, Stripe was valued at $65bn (€60bn), and the company has signed a deal to put over $1bn of employee shares in the business.

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In the most recent annual letter, Stripe says that it now supports over 100 different payment methods, and that over 100 companies are now processing payments valued at over $1bn every year.

Companies such as Zara, Lotus, Hertz, Eventbrite, and Alaska Airlines are among Stripe’s current list of customers.

Stripe said that the period between Black Friday and Cyber Monday last year saw them record a total volume of $18.6bn of sales, with more than 31,000 businesses having “their best day ever on Stripe” during this period.

The Collison brothers ended their letter by paying tribute to business mogul Charlie Munger who passed away last November at the age of 99.