Latest Auctomatic News
Jun 15, 2021
Collison Brothers’ payments juggernaut Stripe tipped for looming IPO as reports indicate Shopify, Sequoia and others bought $1bn of shares. There is growing anticipation of an initial public offer (IPO) later this year or earlier next year by Stripe, the payments company founded by Irish brothers John and Patrick Collison. Reports yesterday (14 June) by the Wall Street Journal and this morning by The Irish Times indicate the company offered investors an opportunity to buy shares from early backers and past and current employees. “Whether in fintech, mobility, retail or SaaS, the growth opportunity for the European digital economy is immense” While bids are understood to have exceeded $4bn, only $1bn of those bids were filled. Among the largest buyers indicated in the report were Capital Group, Sequoia Capital, e-commerce player Shopify and Silver Lake. Stripe broadens its business offerings The development comes as Stripe grows beyond its traditional payments niche. In recent days the company launched Stripe Identity , a self-serve tool for companies that can be used to verify identities using AI. The identity platform will be launched in 30 countries in beta mode. This follows the launch of Stripe Tax, a tool that will provide automatic, updated sales tax calculations and related accounting services to businesses in the US and 30 countries across the world. A $600m fundraising round in March saw Stripe become the most valuable private company in Silicon Valley, valued at $95bn. At the time the company revealed plans to create 1,000 new jobs in the Republic of Ireland over the next five years. “We’re investing a ton more in Europe this year, particularly in Ireland,” said John Collison, President and co-founder of Stripe at the time. “Whether in fintech, mobility, retail or SaaS, the growth opportunity for the European digital economy is immense.” Stripe now counts more than 50 category leaders—companies processing each more than $1 billion annually—as customers. Enterprise revenue is now both Stripe’s largest and its fastest growing segment, more than doubling year over year. Recently, Stripe was also named a Leader in The Forrester Wave: Merchant Payments Providers, Q3 2020, achieving the highest scores of any company ranked. Stripe was founded in San Francisco 2009 when CEO Patrick Collison was just 22 and his brother John was 19. Prior that the brothers who hail from Nenagh but as teenagers living in Limerick established a start-up in 2007 called Shuppa that later became known as Auctomatic. They sold Auctomatic for $5m when they were just 19 and 17 respectively.