The Collison brothers and Stripe.com

Posted on March 7, 2012 by morsolutions

Patrick and John Collison are Limerick born and raised brothers who despite being only in their early twenties are in the midst of building their second software company.

John and Patrick Collison
In 2008 the Collisons, one of whom had yet to even do his Leaving Certificate, became millionaires after selling their fledging software company. Auctomatic which provides software for heavy users of eBay, was sold to Canadian firm Live Current Media for more than €3 million.

The brothers have since taken some time to attend college (MIT and Harvard) and subsequently drop out of college again to start another software company, Stripe.com.

Stripe is set to compete with some of the big players in the online payments industry such as Paypal and Realex by building payments soluitons that appeal to the developers who are building sites and implementing the payment system.

“Stripe is a simple, developer-friendly way to accept payments online. We believe that enabling transactions on the web is a problem rooted in code, not finance, and we want to help put more websites in business” – Stripe.com

Stripe not only appeals to developers but also to online sellers. There is no need for a merchant account. This saves time, money and hassle for any online seller.

The company has taken approximately $2 million in a venture round from PayPal founders Peter Thiel and Elon Musk, as well as Sequoia Capital, Andreesen Horowitz and SV Angel.

Stripe was valued at around $20 million in the round, however this figure has not been confirmed. The company has not commented on whether or not the financing occurred at all.

Here at MOR we are very excited about trying Stripe.com ourselves and will report back on how it works out.

The success that the Collisons have had only serves to confirm the importance of supporting coding and programmes like Coder Dojo and the importance of introducing programming (which Patrick calls maths for the 21st century) as a subject in schools.

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