World’s Youngest Self Made Billionaire Because of Stripe Investment
The Co-founder of Stripe had joined the ranks of the world's youngest billionaires after the online payments company had announced. The new round of funding had valued the company at $9.2 billion.
Patrick Collison and John Collison has now a worth of at least $1.1 billion each. This had happened after San Francisco-based Stripe had raised $150 million from CapitalG, an investment division of Google parent company Alphabet, and General Catalyst Partners.
With the latest investment, the startup's valuation almost doubled. In July 2015 a fundraising round had valued the company at $5 billion.
Collison's owned about 30% of Stripe, according to a source close to the company. Following the $150 million investment, total estimate that each brother owns at least 12% of the company. A spokesperson for Stripe declined to comment on the Collison's company stakes or net worth's.
John Collison, 26 years old, Stripe's president, is now the world's youngest self-made billionaire. He is two months younger than Snapchat founder Evan Speigel, who is also 26. Stripe CEO Patrick Collison, 28, and Snapchat cofounder Bobby Murphy, 28, are the only other self-made billionaires in the world under age 30.
The world's youngest billionaire is Norwegian Alexandra Andresen, 20, who inherited a 42% stake in family-owned investment company Ferd with her billionaire sister Katharina Andresen, 21. The sisters each have a $1.2 billion fortune.
The Collison brothers had made their way to join the six other Irish billionaires on Forbes World's Billionaire List.
Stripe processes online payments for clients which also includes Lyft, Kickstarter, and Wish. They do not discuss revenues but industry sources estimates that the company had processed about $20 billion last year.
For every transaction that is processed, Stripe obtains 2.9% of the transaction plus 30 cents which is equivalent to $450 million in revenue for 2015.
Stripe is the brother's second company. The first was Shuppa which had already merged with another small startup Auctomatic who builds software for eBay.