A Sample Blog About Tech: Stripe

A few weeks ago, I put together this sample blog for a PR firm, focused on the tech industry. Unfortunately, the application process didn't go my way. So, I've decided to post it here!

Stripe: The Future of the Digital Economy?

Stripe is a digital payments company that was founded 11 years ago in Paolo Alto by Patrick and John Collison, two Irish brothers in their early twenties. Both were already successful entrepreneurs and dropped out of university (MIT and Harvard, respectively) to start the business. The company, last valued at close to $100 billion, is looking to go public as early as next year, either through initial public offering or a direct listing, according to Bloomberg.

Stripe and the Collisons became known to me and many others in their native Ireland thanks to their charitable endeavours during the Covid-19 pandemic. They donated €100,000 to a fundraiser organised by the country’s most popular annual TV event, “The Late Late Toy Show” and tweeted reassurance to the nation (and rather stressed host!) that they had increased Stripe’s capacity for processing payment by 5 times its usual limit, as the platform struggled to process the high volume of donations made on the night of the broadcast.

(The Stripe logo)

But Stripe were leaders in their field for much longer than they have been on my radar. The company’s initial aim was to “increase the GDP of the internet” and become the next PayPal. A fairly lofty goal at the time, to say the least! But they did, and much more with the help of PayPal co-founders Elon Musk and Peter Thiel - two of their early backers no less. Stripe is now the payment platform of choice for millions of businesses in more than 120 countries, from emerging startups to industry giants like Google and Amazon. Additional services they offer include carbon removal, startup incorporation, custom reports, and fraud and risk management.

By removing the complexity involved with online financial transactions, I genuinely believe Stripe has helped reshape the digital economy. Their Stripe Atlas platform for example, has democratised online business by aiding entrepreneurs to start a business anywhere in the world. This is through allowing anyone anywhere to incorporate their business as an American company, based in Delaware – a state famous for its pro-business policies, courts, and tax systems. While it is by no means perfect – many SMEs would struggle with the double taxation that comes with it- Stripe Atlas is still important because it offers an opportunity to aspiring entrepreneurs in places where political volatility or war could blight their chances of ever running profitable businesses.

If Bloomberg’s report - which Stripe declined to comment on- comes to pass, Stripe will be one of the most anticipated listings in many years and one of the biggest private companies to ever begin an initial public offering. If they pursue the direct listing route, they will be following the path carved by Spotify and its investors could sell shares on the public market without new shares also being issued.

I think this is important because it will give a higher profile to a company often deemed secretive and allow them to fund research and further expand their business. Stripe has already proven their credentials as a disruptor looking to affect positive change for consumers and businesses. I think it would be interesting to see what they could achieve with even more exposure and capital.