Jhon and Patric Collinson became one of Ireland’s biggest millionaires by founding one of the largest digital commerce companies in the world,
Brothers John and Patrick Collinson They are the creators of one of the most valued and profitable startups in the world, Stripe. It is a payment company which processes more than 640 billion dollars a year in more than 50 countries. They became one of the millionaires in the sector, only behind Bytedance, Shein and SpaceX.
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The brothers’ company Collinson has more than 7 thousand employees between its offices in New York, San Francisco, Singapore and its remote workers. From Stripe they assure that their income has been growing 60% annually, arriving to capitalize 2.5 billion net dollars after taking 2 to 3% of each transaction. In addition to subtracting the percentages of its partners Visa and Chace.
How the Collison brothers made their fortune
The first project of the Collinson brothers was a tracking software for sellers on EBay. This project won second place in a European Union competition in 2007, as a representative of Ireland, when Patrick was only 17 years old. They later joined forces with Harj and Kulveer Taggar, who had a similar project. And, shortly after, they sold what they had developed about the project to Auctomatic for 5 million dollars.
The idea for the company valued at more than a billion dollars arose during the Collison brothers’ studies at Harvard. At this time they started code for an application programming interface that made it easy to add credit card functionality to a website. The tool was launched after they temporarily moved to Buenos Aires that they publicly launched their tool.
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Stripe Chief Product Officer William Gaybrick described the company’s vision when he said: “Why can’t we move money in the cloud the same way we move data?”. Furthermore, he added “Stripe was the way to index e-commerce.” The company indicates that 12% of global spending is done online and Stripe wants to grow this number.
Collison brothers net worth in 2024
Forbes estimates that each brother owns about 10% of the company. The magazine also indicated that Both Patrick Collison and Jhon Collison have a fortune of 7.2 billion dollars each.
