Stripe processes €910m worth of payments in 2023

According to a letter from founders John and Patrick Collison, twice as many AI companies went live on their platform last year compared to 2022

Stripe was founded in 2009 by Limerick brothers Patrick and John Collison, who said the company's cash flow has been 'robustly' positive in 2023. 

The Irish founded payments platform Stripe processed more than $1 trillion (€910m) in payments during 2023, an increase of 25% compared to the year prior following a surge in revenue generated by AI companies.

Stripe was founded in 2009 by John and Patrick Collison. In the brothers’ latest annual letter, they said the company's cash flow has been “robustly” positive in 2023 which is expected to continue through this year.

“This threshold is important, because it allows us to invest for the long term, building what we believe our users need 10 years from now, without regard for the natural volatility of capital markets,” the letter said.

According to the letter, the influx of AI companies onto Stripe during 2023 “grew even larger” with twice as many of these businesses going live on their platform compared to 2022.

“Aggregate revenue from AI companies grew by 249% in 2023, and, of course, AI was a major tailwind for countless companies across Stripe that do not self-identify as 'AI companies' per se,” the letter said.

Some of the main actors in the AI space — such as OpenAI, Anthropic, and Midjourney — already use Stripe products.

Last week, the company announced a deal to provide payment options for the car rental giant Hertz Corporation which is to be rolled out across its worldwide network.

In February, the privately-held company saw its valuation increase to $65bn — up from a reported $50bn last year. 

There were discussions for the company to go public in 2021 when its valuation hit $95bn, but there has been little progress made towards this since.