OFFICIAL: The world's youngest self-made billionaires are from Limerick
Their company is now valued at $9.2 billion.
Brothers Patrick Collison and John Collison, the co-founders of Stripe, are officially the world's youngest self-made billionaires after their San Francisco-based company managed to secure an $150 million investment from CapitalG. the injection of cash means that the Limerick men are each worth at least $1.1 billion.
This injection of cash also means that their company is valued at $9.2 billion.
To put Stripe's growth into perspective, in July 2015, a fundraising round had valued the company at $5 billion. That's a growth of $4.2 billion in little over a year.
At 26, John Collison, Stripe’s president, is now the world’s youngest self-made billionaire — two months younger than Snapchat co-founder and CEO Evan Spiegel. Brother and CEO Patrick Collison, 28, is also on this exclusive list of self-made billionaires that are under the age of 30.
Snapchat co-founder Bobby Murphy, 28, is the other person on this list.
For those that are curious, Stripe processes online payments for clients including Lyft, Kickstarter and Wish. Their revenue model is that for each transaction it processes, Stripe takes 2.9% of the transaction plus and additional 30 cents.
While the company does not disclose its revenue details, industry sources have estimated that they processed about $20 billion worth of financial transactions last year.
Good for them.