A major expansion spree is being planned by Stripe, the most valuable startup of the United States.
The company has recently raised $600m from investors and plans to add 1,000 jobs in Ireland alone over the next five years. The company has a current market value of $95bn. The expansion of the number of staff in Ireland only will be thrice its current number of employees.
Stripe is engaged in the business of payments processing for firms that range from tech giants, like Amazon, to Waitrose and the firm was launched in 2011 by two Irish brothers in the United States. With the boom in online shopping during the Covid-19 pandemic, the business of the company has also boomed.
With two global headquarters – in San Francisco and Dublin, Stripe now has its business presence in 42 countries which includes 31 countries in Europe which is the region where many of the fastest growing customers of the company are currently based.
Over the last year, three out of four UK adults have made a payment via Stripe, the company estimates.
“The growth opportunity for the European digital economy is immense,” Stripe president and co-founder John Collison said. He had launched the company when he was barely out of his teens after moving opt the US for university studies.
With the announced valuation of $95bn, the company is now more valuable than Elon Musk’s SpaceX rocket company which has a valuation of about $74bn. And the latest valuation of the company is also 10 times more than the valuation it was accorded in a 2016 fundraising round. However with that round of funding, Collison and his brother Patrick were noted as the youngest self made billionaires of the world.
The company helps businesses process online payments and navigate the different regulations and systems around the world. The company currently has about 3,000 employees and 500 of them are based in Europe. Former Bank of England Governor Mark Carney was recently added to the company’s board.
The company also plans to offer its services in countries such as Brazil, India and Indonesia later this year in its overall global expansion strategy.
“The pandemic taught us many things about society, including how much can be achieved – and paid for – online,” Stripe chief financial officer, Dhivya Suryadevara, said in a statement.
“While Stripe already processes hundreds of billions of dollars per year for millions of businesses worldwide, the opportunity ahead is much larger … than it was when the company was started 10 years ago.”
The decision of Stripe to expand into Ireland was described as “fantastic news on the jobs front” by Leo Varadkar, Ireland’s deputy prime minister, who added that he hoped that this would also mark the beginning of a “really welcome partnership between the Irish state and Stripe”.
“Over 1,000 new jobs will be created over the next five years. These are really good, well-paid, professional jobs and will be a real boost to the economy. I wish Stripe the very best with its plans”.
(Adapted from BBC.com)