Sibling rivalry appears to be absent from the vocabulary of Patrick Collison and John Collison, co-founders of Stripe and brothers. The duo has raised over $50 million in funding from Andreessen Horowitz, Sequoia Capital, Khosla Ventures, and General Catalyst Partners, among others, with Stripe now processing billions of dollars annually for thousands of companies worldwide. Today, Patrick is Stripe’s CEO while John is its president.
Although the brothers are originally from Ireland, Stripe is an American company that provides both commercial businesses and private individuals with online payment services. As of July 2015, the company has been valued at $5 billion by Visa during its latest round of funding.
Stripe has a unique business model in comparison with its competitors like PayPal and Shopify. Its main focus is on providing the appropriate fraud prevention, banking infrastructure, and technical support required in operating online payment systems. Its customers include many of the online world’s largest organizations including FitBit, Reddit, Wired, Twitter, The Guardian, Kickstarter, Squarespace, Salesforce.com, and Encyclopedia Dramatica; all of these organizations use Stripe as their default payment processor.
Patrick, born in 1988, is the older brother who has set the lead for the duo. He was declared as the winner of the 2005 41st Young Scientist and Technology Exhibition when he was just 16 years old. He was also a runner-up at the 2004 40th Young Scientist and Technology Exhibition – proof that he is a persistent young man.
John, born in 1990, is a pilot and pianist. With his brother, he co-founded Shuppa in 2007 in Limerick, Ireland. Shuppa merged with Auctomatic, a software company that manufactured tools for use in the eBay platform; it was acquired in March 2008 for $5 million.
At the rate the Collison brothers are going, the duo may likely become the next multi-millionaires in the tech industry, all before reaching their 40s.