Belfast Telegraph

Online payment giant launching a new card

Stripe, the €18bn (£16bn) online payments company founded by Limerick brothers Patrick and John Collison, is launching a new payments card (PA Archive)
Stripe, the €18bn (£16bn) online payments company founded by Limerick brothers Patrick and John Collison, is launching a new payments card (PA Archive)

By Adrian Weckler

Stripe, the €18bn (£16bn) online payments company founded by Limerick brothers Patrick and John Collison, is launching a new payments card.

The company, which now employs 2,000 people, has also announced expansion into eight new EU countries and appointed Eileen O'Meara, former vice president at Salesforce, as its new EMEA Revenue boss.

The move comes after the firm, whose Dublin engineering office employs almost 300 people, announced that it would start lending money to small businesses.

The eight new countries in the Stripe rollout are Poland, Estonia, Latvia, Lithuania, Slovakia, Slovenia, Greece and Portugal.

"This expansion is heavily driven from the Dublin office, which is Stripe's fastest-growing office and first international engineering hub," said a spokesman for Stripe.

Eileen O'Meara, the company's new 'head of revenue and growth', was previously a senior vice president for international marketing with Salesforce.

Stripe is an online payments system that lets online stores accept payments through ordinary means (such as credit cards) without any special measures being taken. The success of the system is attributed to the relative ease by which it can be installed by website creators setting up a company's online shop.

Stripe's business model is to take a small cut of the transaction. In Europe, it's 1.4% plus €0.25 for European cards or a little more for non-European cards from those using it to sell.

But it's Stripe's scale that is now its strength. In addition to accepting payments, companies can use Stripe to handle accounting, billing, paying out to third parties and optimising for mobile payments. Stripe users also get access to mobile wallets such as Apple Pay and Google Pay.

"Central and Eastern Europe has a lot of entrepreneurial and technological talent and we believe even more of its companies could be expanding globally," said Felix Huber, head of Central and Eastern Europe, Middle East and Africa, at Stripe.

Belfast Telegraph

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