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Stripe sees 60% growth in annual payments processed to over €589 billion

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Stripe processed over $640 billion in payments in 2021, up 60 percent year-on-year, and the company now has more than 7,000 employees in 23 countries.

The details were shared in an update by John and Patrick Collison, the Limerick-born co-founders of the USD 95 billion (EUR 87 billion) valued payments company.

However, there will be no corresponding growth in 2022 because “a lot of it [2021 growth] came from one-off behavioral adjustments caused by the pandemic,” say the two co-founders.

“It is not widely known that the majority of the new companies that joined Stripe last year came from outside the United States,” the Collisons said in a statement.

“At home, 85 European companies passed the milestone of a $1 billion valuation in 2021 and recorded a unicorn growth rate more than double that of the US. Businesses on Stripe in Latin America and APAC grew 518 percent and 106 percent, respectively, during the pandemic. We anticipate that a very large proportion of the major tech companies of the next decade will emerge outside of traditional US tech hubs. Between 2019 and 2021, cross-border payment volume at least doubled in every region where Stripe operates. We are constantly striving to simplify global selling to further advance cross-border trade.”

Stripe’s update comes amid a rapid expansion of its operations in Dublin. The company recently announced that it plans to hire “hundreds” of additional engineers for its Dublin office, in addition to the 1,000 new non-technical jobs it plans to create at the Dublin site, which is now the company’s joint global headquarters.

Stripe is the most valuable private company in Silicon Valley, valued at $95 billion. A funding round of USD 600 million (EUR 552 million) was raised last March, giving the payments firm a new valuation of USD 95 billion (EUR 87 billion). Participation in this round included the National Treasury Management Agency and other high-profile venture capitalists such as Sequoia Capital.

Stripe said a portion of the money raised in this round will be used for Stripe’s European operations and its Dublin headquarters

The company is one of the most watched global tech companies for a potential IPO. However, in an interview with Independent.ie earlier this year, John Collison said the company still had no plans to seek a public listing.

In terms of recent growth, Stripe says the conveyor belt of companies signing up remains constant.

“These payments [€589bn in 2021] came from a fast-growing group of companies: 1,400 new companies and 100 nonprofits joined Stripe every day for the past year,” the Collison brothers said.

“During 2021, more than 100 companies surpassed the $1 million lifetime sales milestone on Stripe every day. We often say that the internet economy is in its infancy, which may sound corny, but everything we observe directly gives us confidence that it’s true. Online spending accounted for just 12 percent of global spending in 2021. There’s still a long way to go.”

The company says it now processes more than 500 million API requests every day with an uptime of 99.999 percent.

“During our peak load during Black Friday and Cyber ​​Monday last year, we successfully serviced 99.9998 percent of API requests. That’s 1.2 seconds of unavailability for the entire week,” the Collisons said.

Over the past year, Stripe introduced new features including Stripe Tax, largely developed in Dublin, as well as Stripe Invoicing, Revenue Recognition and Payment Links.

https://www.independent.ie/business/technology/stripe-sees-60pc-growth-in-annual-payments-processed-to-over-589bn-41535225.html Stripe sees 60% growth in annual payments processed to over €589 billion

Fry Electronics Team

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