With a new investment valuing the company at $95bn, Stripe is setting its sights on further expansion in Europe.
After a decade in business, Stripe has announced plans to significantly expand its operations in Ireland as it continues to grow in Europe.
On the back of investment that sees the company edge closer to a $100bn valuation, Stripe will add at least 1,000 jobs in Ireland over the next five years.
Roles will be added to a broad range of teams in order to support Stripe’s accelerating European user base and launch new global products. Some of the jobs created in Ireland will also take the lead on Stripe’s global operations.
Speaking of the announcement, Tánaiste Leo Varadkar, TD, said the new roles at Stripe will be “really good, well-paid, professional jobs” that will be a real boost to the Irish economy.
Stripe, founded by Irish brothers Patrick and John Collison in 2010, is dual-headquartered in San Francisco and Dublin and currently has more than 3,000 employees across 14 international offices.
Its platform to power online payments first launched in the US in 2011, arriving in Ireland in 2013. Two years later, Stripe opened its Dublin office.
‘Ireland is now a leading tech capital of Europe’
– JOHN COLLISON
Dublin later became the site of Stripe’s first engineering hub outside the US. Today, the Dublin site employs more than 300 people and serves as the company’s international headquarters.
Stripe’s growing client list in Europe includes media giant Axel Springer, automaker Jaguar Land Rover and shipping behemoth Maersk, as well as rapidly scaling companies such as Klarna, UiPath, Deliveroo and digital banking provider N26. Irish companies Glofox, Intercom and LetsGetChecked are all also using Stripe’s fintech infrastructure.
“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 expansion announcement follows the close of Stripe’s latest funding round. The company has raised a further $600m in investment, giving it a valuation of $95bn.
The Ireland Strategic Investment Fund (ISIF) is one of the primary investors in this round, which also included Allianz X, Axa, Baillie Gifford, Fidelity Management & Research Company and Sequoia Capital.
ISIF is managed by Ireland’s National Treasury Management Agency (NTMA), which provides asset and liability management services to the Irish Government.
“This is fantastic news on the jobs front and the start of a really welcome partnership between the Irish State and Stripe,” said Varadkar.
Minister for Finance Paschal Donohoe, TD, added: “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.”
‘We’re delighted to back Ireland’s and Europe’s most prominent success story’
– CONOR O’KELLY
Stripe started out facilitating online payments but has since grown to offer a broad suite of online financial services. This year, the company plans continued growth of its global payments and treasury network along with its suite of software and services. New business in markets such as Brazil, India and the United Arab Emirates are all in its sights.
NTMA CEO Conor O’Kelly said Stripe is “an accelerator of global economic growth and a leader in sustainable finance” and that, after a decade of success, the company still has more to offer.
“We’re delighted to back Ireland’s and Europe’s most prominent success story, and, in doing so, to help millions of other ambitious companies become more competitive in the global economy,” he added.