Tech company started by two Irish men is now worth $20 billion 1 year ago

Tech company started by two Irish men is now worth $20 billion

Some achievement.

Stripe was founded by brothers, Patrick and John Collison, who won the BT Young Scientist competition in their schoolboy days, and it seems that the two have continued to get better and better with age.

The pair upped and moved from Limerick to San Francisco to pursue their business and it's proved a monumental success for the duo.

Stripe has just closed a $245 million funding round that ups its value from $9 billion to $20 billion, co-founder and Chief Executive Officer Patrick Collison told Bloomberg.

The company says it plans to use the funding to hire more people for what it describes as its "distributed global engineering team."

At 30 and 28, Patrick and John Collison are among the world’s youngest billionaires.

Stripe is an online payment processing firm which instead of dealing with a myriad of banking paperwork and procedures, allows businesses access to their platform in exchange for a small fee on transactions.

Stripe’s model is that, with a few lines of code, it replaces the more time consuming, and often more expensive route, of working with banks and other payment providers in a complicated chain of players and makes it straightforward for businesses.

They've recently snapped up a whole range of new clients including Google, Uber and Spotify.

"We believe in the contingency of progress," Patrick Collison said in a statement. "Better global payments infrastructure will increase economic output, encourage entrepreneurship, and help upstarts compete with incumbents.

"By bringing Stripe into more markets and building out our capabilities for companies of all sizes, we hope to accelerate innovation around the world."