Online payments firm Stripe is to add “at least” 1,000 jobs in Dublin over the next five years, after a new fundraising round of $600m (£431m) brought its valuation to $95bn (£68bn).
The online payments firm, founded by Limerick’s Collison brothers, is now the most valuable ever private technology company in Silicon Valley.
The Irish Government’s Ireland Strategic Investment Fund, managed by the National Treasury Management Agency (NTMA) invested €42m (£36m) as part of the fundraising.
It also makes both Patrick and John Collison Ireland’s wealthiest entrepreneurs, with individual paper fortunes that could now be valued at around $10bn (£7.2bn).
Stripe employs over 300 people in its Dublin engineering hub at present, which also serves as the international headquarters of the business.
“We’re investing a ton more in Europe this year, particularly in Ireland,” said John Collison, president and co-founder of Stripe.
“Ireland is now a leading tech capital of Europe, with great talent and companies emerging all the time, we’re keen to help cement that position.”
The company says that Dublin is Stripe’s fastest-growing international office and is home to a broad range of teams.
Stripe processes payments in 42 countries, counting clients such as Deliveroo, N26, Intercom and Donedeal among its thousands of customers.
It now counts more than 50 companies that process more than $1bn annually as customers.
Enterprise revenue is now both Stripe’s largest and its fastest growing segment, the company said, more than doubling year over year.
“I welcome this announcement by Stripe and the NTMA through the Ireland Strategic Investment Fund’s investment in its fundraising round,” said the Republic’s Minister for Finance, Paschal Donohoe.
“This signals exciting new plans for Ireland, for job creation and for the future growth of so many more companies. Through the NTMA we are investing in a way that delivers a brighter economic future for our country, and that means brighter days ahead for our people.”
The company says that it will “double down” on its Dublin headquarters in 2021 to serve the surge in demand coming from across the region.
“Europe is home to many of the world’s most exciting and dynamic tech companies, and also to century-old brands intelligently adapting to the internet economy,” said Eileen O’Mara, head of EMEA revenue and growth. Around 14% of commerce takes place online today, despite the global economy accelerating its shift to online in 2020.
Stripe says that its mission is to “grow the GDP of the internet, making it easy for ambitious companies everywhere to grow their business”.
The company says that it will continue to build its global payments and treasury network this year, expanding its software and services.
Stripe will also soon be available to more businesses in Brazil, India, Indonesia, Thailand and the UAE.