The Brothers Stripe Are Richest Self-Made Irish Billionaires
By Charles Kelly
Author of Yes, Money Can Buy You Happiness and
creator of Money Tips Podcast
creator of Money Tips Podcast
Yesterday we talked about Airbnb rise from zero to $31
billion. Today I want to talk about a similar sized company in terms of
valuation which could be floated on the stock market.
billion. Today I want to talk about a similar sized company in terms of
valuation which could be floated on the stock market.
If you’ve ever sold goods or services online, you may have
come across a payment system called Stripe. I had never heard it of it until I
started using click funnels but it seems to work very well.
come across a payment system called Stripe. I had never heard it of it until I
started using click funnels but it seems to work very well.
The people behind Stripe are John and Patrick Collison who
sold their first company for $5 million when they were still teenagers. Now, a
little more than a decade later, their second start-up is valued at $35
billion, making them Ireland’s richest entrepreneurs, Bloomberg reports.
sold their first company for $5 million when they were still teenagers. Now, a
little more than a decade later, their second start-up is valued at $35
billion, making them Ireland’s richest entrepreneurs, Bloomberg reports.
The latest valuation for their online payment processor,
Stripe Inc., gives John, 29, and Patrick, 31, an estimated net worth of $4.2
billion each, according to calculations by the Bloomberg Billionaires Index,
enough for inclusion in the 500-member ranking. Stripe declined to comment.
Stripe Inc., gives John, 29, and Patrick, 31, an estimated net worth of $4.2
billion each, according to calculations by the Bloomberg Billionaires Index,
enough for inclusion in the 500-member ranking. Stripe declined to comment.
Did they build this company up organically using their own
money or remortgaging their houses? No, they used other people’s money, such as
investors and capitalists.
money or remortgaging their houses? No, they used other people’s money, such as
investors and capitalists.
This week, Stripe announced that it had raised $250 million
in its latest funding round, giving the San Francisco-based company a valuation
of $35 billion. The only U.S. start-ups that had higher valuations this year
are vaping giant Juul Labs Inc. and We Co., the parent of office-sharing real
estate firm WeWork.
in its latest funding round, giving the San Francisco-based company a valuation
of $35 billion. The only U.S. start-ups that had higher valuations this year
are vaping giant Juul Labs Inc. and We Co., the parent of office-sharing real
estate firm WeWork.
However, the valuations for both of those companies are now
in doubt. A growing number of vaping illnesses and deaths has prompted some
governments to ban Juul’s products, and Wall Street estimates for We’s
valuation have tumbled following scrutiny of co-founder Adam Neumann’s
unorthodox financial dealings with the firm.
in doubt. A growing number of vaping illnesses and deaths has prompted some
governments to ban Juul’s products, and Wall Street estimates for We’s
valuation have tumbled following scrutiny of co-founder Adam Neumann’s
unorthodox financial dealings with the firm.
The Irish brothers’ fortunes exceed those of fellow countrymen
Denis O’Brien, the telecom tycoon, and financier Dermot Desmond. The Collisons’
wealth ranks alongside Silicon Valley peers such as Uber Technologies Inc.
co-founder Travis Kalanick and ahead of Airbnb
Inc.’s Brian Chesky, Snap Inc.’s Evan Spiegel and Spotify Technology SA’s
Daniel Ek, according to calculations.
Denis O’Brien, the telecom tycoon, and financier Dermot Desmond. The Collisons’
wealth ranks alongside Silicon Valley peers such as Uber Technologies Inc.
co-founder Travis Kalanick and ahead of Airbnb
Inc.’s Brian Chesky, Snap Inc.’s Evan Spiegel and Spotify Technology SA’s
Daniel Ek, according to calculations.
I often watch a show called Dragons den, shark tank in
America, where entrepreneurs pitch their ideas before a panel of
multimillionaires. I’m often dismayed at how the panel dismiss ideas so
carelessly, often on the basis that “it has been done before” and the
competition is too tough for a new start up to get a foothold.
America, where entrepreneurs pitch their ideas before a panel of
multimillionaires. I’m often dismayed at how the panel dismiss ideas so
carelessly, often on the basis that “it has been done before” and the
competition is too tough for a new start up to get a foothold.
If the brothers behind Stripe had that attitude, they would
never have started the company on the basis that the market had been sewn up
already by Visa, MasterCard, PayPal and so on.
never have started the company on the basis that the market had been sewn up
already by Visa, MasterCard, PayPal and so on.
New businesses do not have to reinvent the wheel or come up
with a completely new invention. You don’t even have to find a cure for
baldness to become a billionaire! Amazon were not the first company to sell
products online and they won’t be the last. Uber was not the first company that
run a fleet of cabs and Airbnb were not the first rent to rent accommodation
provider. What all of these companies were did was to put a twist on an
existing idea or find a new way to solve a problem using existing innovation
and technology.
with a completely new invention. You don’t even have to find a cure for
baldness to become a billionaire! Amazon were not the first company to sell
products online and they won’t be the last. Uber was not the first company that
run a fleet of cabs and Airbnb were not the first rent to rent accommodation
provider. What all of these companies were did was to put a twist on an
existing idea or find a new way to solve a problem using existing innovation
and technology.
Word of the Day
Floatation
Flotation is the process of converting a private company
into a public company by issuing shares available for the public. It allows companies
to obtain financing externally instead of using retained earnings to fund new
projects or expansion. Source: Investopedia
into a public company by issuing shares available for the public. It allows companies
to obtain financing externally instead of using retained earnings to fund new
projects or expansion. Source: Investopedia
There are more examples and practical steps to getting rich and being
happy in my book, Yes, money can buy
happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F
System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.
If you would like more information about the Cyprus ‘Golden
Visa’ investment programme, email charles@charleskelly.net
Visa’ investment programme, email charles@charleskelly.net
See more at www.moneytipsdaily.com:
No comments:
Post a Comment