Global payments giant Stripe — set up only a decade ago by Limerick brothers Patrick and John Collison — has pledged to create 1,000 jobs in Ireland after becoming Silicon Valley’s wealthiest private firm on foot of a $600m funding round that values the startup at $95bn (€80bn).
In a further twist, the Government’s Ireland Strategic Investment Fund helped lead the latest funding round, along with private investors Allianz V, Baillie Gifford, Fidelity, and Sequoia Capital.
And Stripe has now pledged to add a further 1,000 jobs in Ireland over the next five years with “a ton more in Europe this year, particularly in Ireland”, said John Collison, its president.
“Ireland is now a leading tech capital of Europe, with great talent and companies emerging all the time, we’re keen to help cement that position,” Mr Collison said.
Tánaiste Leo Varadkar hailed the jobs announcement as “fantastic”.
“Over 1,000 new jobs will be created over the next five years. These are really good, well-paid, professional jobs and will be a real boost to the economy. I wish Stripe the very best with its plans,” Mr Varadkar said.
The huge expansion of Stripe comes just over a decade since the brothers set up the firm which grew by leaps and bounds based in San Francisco.
It has since become something of a Silicon Valley sensation with a series of funding rounds ramping up its value over multiple years.
The latest funding had long been anticipated to give it a record valuation of $95bn.
Stripe already employs 3,000 people across the world, including 300 people in Dublin and the capital looks set to attract the lion’s share of the over 1,000 jobs coming Ireland’s way in the coming years.
The investment by the NTMA's Ireland Strategic Investment Fund will cement further the relationship between the company and Ireland.
Large investments for Ireland have been rare in recent years, not only because of the Covid-19 crisis but also after the fallout of Brexit.
“This signals exciting new plans for Ireland, for job creation and for the future growth of so many more companies,” said Finance Minister Paschal Donohoe. “Through the NTMA, we are investing in a way that delivers a brighter economic future for our country, and that means brighter days ahead for our people,” he said.