You won't believe what Tipperary's Collison brothers’ company is worth now
One of Silicon Valley's most prominent investors have agreed to buy private shares from other investors
Tipperary brothers Patrick and John Collison have gotten a major business boost, as a prominent Silicon Valley venture capital investor has agreed to buy more than $860m in private shares from existing investors.
This has caused the value of Stripe, the business the brothers own, to sky rocket to just over what equates to €64 billion.
Welcoming the investment from Sequoia Capital, John Collison posted on X (formerly Twitter): "Lots of firms say that they're long-term oriented, but Sequoia actually is. 14 years after their first check in Stripe, they're making their largest investment yet. (This is a secondary transaction; no funds will go to the company)."
The company was founded 14 years ago in 2010 by the brothers who grew up in Dromineer, Co Tipperary and went to school in Castletroy College and they have headquarters in Dublin and San Francisco.
Their main competition is in the payment sector and includes companies like PayPal, Adyen and Braintree.
They work with retail and commercial brands, as well as hotel chains here in Ireland.
In America, they also offer a range of financial services including loans, corporate credit cards and fraud prevention services.