Irish brothers set to make set billions as software company Stripe prepares for blockbuster float
A digital payments firm founded by two brothers has edged closer to a blockbuster stock market listing after appointing advisers.
Stripe, which was set up by Irish entrepreneurs Patrick and John Collison in 2010, builds software used by businesses to process payments online.
It is thought to be worth £72billion, meaning the 12 per cent stakes owned by each brother could come to about £8.6billion.
Tech float: Stripe, which was set up by Irish entrepreneurs Patrick and John Collison (pictured) in 2010, builds software used by businesses to process payments online
Stripe’s board includes former Bank of England governor Mark Carney and Christa Davies, chief financial officer at services giant Aon.
And now the company has hired Cleary Gottlieb Steen & Hamilton, a top American law firm, to advise it on early-stage preparations for a possible listing, according to reports.
Stripe is reportedly considering a direct listing like that of financial tech firm Wise, which floated this week and is now worth nearly £10billion.
This means it would directly list existing shares on the stock market – without raising money by issuing new ones.
A listing would make Patrick, 32, and 30-year-old John a huge fortune overnight. They had already found success before Stripe, becoming millionaires in 2008 when selling their previous business Shuppa aged just 19 and 17.
But there are sceptics, especially as Stripe has yet to show its revenues or profits and has refused to open its books.