Patrick Collison | Success Story

• Patrick Collison is the cofounder and CEO of Stripe, a company that lets businesses and individuals accept payments over the internet.

• In September 2019, Stripe raised a $250 million funding round with a valuation of $35 billion.

• Patrick and his brother John hatched the idea for Stripe while both were in college in Cambridge at MIT.

• Stripe's first payment was processed while the Collison brothers were on vacation in South America.

• Stripe's big-name investors include Elon Musk and Peter Thiel.

John and Patrick Collison sold their first company for $5 million when they were still teenagers. A decade or so later, the second business they founded is now worth $95 billion, making it the most valuable U.S. startup.

The latest valuation for Stripe Inc., their online payments processing firm, gives John, 30, and Patrick, 32, a net worth of about $11.5 billion each, putting the two brothers among the richest self-made millennial billionaires in the Bloomberg Billionaires Index.

The valuation figure is at the top of the range Bloomberg News reported in November, when Stripe was in talks with investors. At the time, discussions were for a value of more than $70 billion with the possibility of pushing it as high as $100 billion.

Its current valuation puts it ahead of billionaire Elon Musk’s SpaceX and Instacart Inc., according to CBInsights data, and surpasses the market value of publicly traded rivals including Adyen NV, Global Payments Inc. and Fiserv Inc.

Source: Forbes