Revenues at Irish unit of Stripe climb 66% to reach $2.25bn in 2021
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Revenues at the Dublin unit of the Collison brothers-led Stripe soared by 66% last year.
New accounts filed by Stripe Payments International Holdings Ltd show that revenues at the online payments giant rose from $1.35bn to $2.25bn (€2.33bn). The firm is the holding company for Stripe sales in its European, Middle East and Africa region and for its Asia Pacific region.
Pre-tax losses at the Stripe unit fell from $135.5m to $22.12m.
The directors describe the firm as an “Irish-American technology group” and said in the accounts that at Stripe Payments International Holdings Ltd “turnover and the associated cost of sales have increased due to growth in business from existing users, expansion into new markets, launching new products in the region, and an increase in user adoption in existing markets”.
They state that the increase in cost of sales was also driven by research and development costs.
Founded in 2010 by Patrick and John Collison, Stripe went on to be a so-called 'unicorn', a privately-owned company that is valued at more than $1bn. Patrick Collison, 34, is chief executive and his John, 32, is president of the corporation.
Last year, $640bn in payments was processed by businesses on Stripe globally. It operates in 45 countries and supports over 135 currencies and payment methods.
Some 359 people were employed in administration, 328 in sales, 228 in engineering functions, and 133 people were in operations. Staff costs last year increased to $155.3m, which included wage costs of $137.3m.
The staff costs also include share-based payments of $2m. The accounts show the book value of the firm’s subsidiaries was $12.24bn at the end of last year due to an additional investment in Stripe Technology Company Ltd of $482.9m.