Stripe (company)

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Stripe is an Irish technology company operating in over 25 countries that allows both private individuals and businesses to accept payments over the Internet. Stripe focuses on providing the technical, fraud prevention, and banking infrastructure required to operate on-line payment systems.

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Payment logistics

Using Stripe, web developers can integrate payment processing into their websites without having to register and maintain a merchant account.

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History

Irish entrepreneurs John and Patrick Collison founded Stripe in 2010. Stripe began as a start-up called /dev/payments. The name resulted in misspellings and confusion to those outside the company, so the company renamed itself Stripe. In June 2010, Stripe received seed funding from Y Combinator, a start-up accelerator. In May 2011, Stripe received a $2 million investment from venture capitalists Peter Thiel, Sequoia Capital, and Andreessen Horowitz. In February 2012, Stripe received an $18 million Series A investment led by Sequoia Capital at a $100 million valuation. Stripe launched publicly in September 2011 after an extensive private beta. Less than a year after its public launch, Stripe received a $20 million Series B investment. In March, 2013, Stripe acquired chat and task-management application Kick-off.

In March 2014, CEO Patrick Collison announced that Stripe would support bitcoin transactions. However, the company is ending support for bitcoin in April 2018, citing long processing times and high transaction fees. In January 2015, Stripe introduced a machine learning-based fraud detection system.

In July of the same year, Stripe added the ability for merchants to accept Alipay and WeChat Pay, in addition to credit cards.

In April 2018, the company released Stripe Billing, a successor to Stripe Subscriptions, allowing businesses to bill users for software and services on a recurring basis.