![]() That was surprising to us because it’s a payment system not a social network so it’s not something you’d think would have any virality whatsoever. “Initially it very much spread through a word of mouth process. The team's friends in turn invited their friends. Note first two paragraphs above) John became the President and Patrick the CEO. According to them they “didn’t look great on paper.” (To each his own standards but in my book they qualified as extremely legit. The company was still bootstrapped, but the founders were starting to realize that as a payment startup they would need institutional credibility that an investor could provide. Both John and Patrick started working on it full-time in the fall of 2010. They brought everything in house.Īfter 6-months they determined they were onto something big and that they could create the user experience that they wanted. Stripe originally partnered with a payments company but after they started taking it seriously they realized that the only way to control the entire experience the way they wanted to was to control all aspects of the process. They also didn’t have the answers to whether or not they could fully address issues like fraud, non-US payments, and solving similar problems that Paypal does but in user-friendly way. In the beginning they weren’t sure how big the market was or if they could provide the user experience that they wanted. ![]() Within 2-weeks of building the prototype they had their first transactions with a Y Combinator company called 280 North. Eventually its founder Ross Boucher (their first customer) would join Stripe as one of the first employees. The next 6-months they played with it, showed it to friends, and saw how people interacted with it, iterating along the way. They sought to solve the problem and see if it was possible to make it simple - really simple. At the time Patrick was working on several side projects and they debated why it was so difficult to accept payments on the web. In early 2010 John and Patrick began working on Stripe together. Meanwhile younger brother John attended Harvard the fall of 2009. At the age of 19 and ten months after incorporating, the company was bought by Live Current Media for $5MM where Patrick became the Director of Product Engineering in 2008. Before Patrick’s last year of High School he left early to attend MIT.ĭuring his first quarter of freshman year, Patrick founded Auctomatic and joined Y Combinator as a Winter 2007 company. His brother and co-founder John Collison scored the highest-ever score received by a student for the Irish Leaving Certificate. In 2005 at the age of 16, Patrick Collison was the recipient of the 41 st Young Scientist of the Year for his work with Lisp. Read on for Startup Grind's original Stripe founding story, with your founders and protagonists, Patrick and John Collison, and check out our interviews with Patrick Collison over three years of building his company Stripe. We’re very excited about the potential.īut this adventure has humble beginnings. “Our partnership with Visa will accelerate our ability to expand to markets around the world, and give developers even more control over the end-to-end experience. “Stripe aims to give developers the tools they need to create the most secure and novel buying experiences,” said Patrick Collison, CEO and co-founder of Stripe. ![]() On July 28th, 2015 Stripe announced even bigger news: a strategic partnership and investment from Visa that will help Visa provide a better online and mobile experiences, while Stripe will benefit from Visa's technical tools, like tokenization used to anonimize user transactions, and global reach. In 2012, we updated this piece to reflect Bloomberg's latest report that Stripe had just raised an $18MM round with Sequoia at a $100MM valuation.
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