Patrick and John Collison are accustomed to pushing the limits and living life at the forefront. At 16, Patrick won the Young Scientist Exhibition in Dublin. By 19, John earned the highest score ever on the Irish Leaving Certificate examination. Each would tinker with business ideas until 2010, when the brothers grew tired of the inefficiencies in online payment systems. They spent six months ideating and prototyping before securing initial seed funding from Y Combinator to launch Stripe, a powerful online payments company. The next year, they raised $2 million from the likes of Peter Theil, Elon Musk, Sequoia, and Andreessen Horowitz and the rest was history…
Fast forward to 2017 and Stripe has raised over $440 million on a $9 billion valuation. It is now one of the best ways to accept payments online and in mobile apps. The company processes billions of dollars in transactions every year and powers over 100,000 clients including Lyft, Facebook, Slack, Kickstarter, Warby Parker, Blue Apron, and Under Armour.
So how does it work? Well, let’s take Lyft as an example. With over 315,000 drivers providing more than 11 million rides per month, Lyft uses Stripe to power payments at scale through a first-of-its-kind feature that lets drivers to cash out whenever they want.
This year, younger brother John, 26, was just named the world’s youngest self-made billionaire by Forbes in its new world’s richest list (but was subsequently passed by Evan Spiegel). To learn more, check out Stripe to discover how they’re embracing FinTech to simplify online payments.
And want to learn about other startups using technology to disrupt the financial services industry? Discover more @ FinTech Nation.