Launched in 2011 with Patrick Collison as Chief Executive Officer and John Collison as President, Strip Inc., is a B2B company that provides a cut-and-paste solution to e-commerce sites. Stripe offers a software that businesses can plug into websites and apps to instantly connect with credit card and banking systems and receive payments. The Collison brothers spent two years testing their programs and cultivating relationships with banks, credit card companies, and regulators.
The product was a hit with Silicon Valley startups and among businesses such as Lyft, Facebook, DoorDash, and thousands of other such e-commerce platforms that use Stripe as the financial backbone of their operations.
As of today, the company handles billions of dollars in internet transactions annually, making money by charging a small fee on every transaction. The California based company is valued at $9.2 billion, making the Collison brothers two of the world’s youngest billionaires at the ages of 28 and 26 respectively.
Stripe’s newest partnership with Amazon plays an extremely crucial role in this valuation. Over the past couple of weeks, Stripe has handled a large portion of Amazon’s transactions. This partnership helps Stripe to greatly increase its transaction volume since Amazon deals in billions of dollars’ worth of transactions on an annual basis.
“Stripe’s mission, however, is less to send more books, vacuums, and grooming kits into the world than to increase the GDP of the internet,” Patrick Collison said.