Stripe
- Stripe's founders have more than doubled their wealth after a $600-million funding round announced Sunday.
- The funding round valued Stripe at $95 billion, making it the most valuable private US tech company.
- Patrick and John Collison's combined net worth jumped to $23 billion – that's $11.4 billion each.
- See more stories on Insider's business page.
Stripe's founders Patrick and John Collison have more than doubled their total wealth to $22.8 billion, after the payments company said Sunday it had raised a new $600-million funding round.
Stripe is now valued at $95 billion, making it the most valuable private company in Silicon Valley.
The net worth of 32-year-old Patrick Collison and his younger brother John, 30, leapt to $11.4 billion each with the latest valuation, up from $4.3 billion each at Stripe's previous funding round in April 2020, Bloomberg reported.
This makes them one of the top-200 richest people in the world, according to Bloomberg's Billionaire Index.
The Irish brothers founded the online payments processor, which rivals PayPal and Square, in 2010.
The new valuation has seen Stripe leapfrog SpaceX's most recent valuation of $74 billion and delivery app Instacart's $39 billion valuation. Stripe is now worth more than Facebook was in 2012 before it went public.
"We're investing a ton more in Europe this year, particularly in Ireland," John Collison, president and cofounder of Stripe, said in a statement. "Whether in fintech, mobility, retail or SaaS, the growth opportunity for the European digital economy is immense."
Dhivya Suryadevara, Stripe's chief financial officer, told Insider's Matt Weinberger on Sunday that she'd been "struck by how capital efficient the business is" since joining the company, adding that the new funds will go into growth and expansion in Europe.
Stripe has benefited from the boom in online shopping during the pandemic, and its customers include Amazon, DoorDash, Zoom, and Deliveroo.
The youngest of the Collison brothers, John, told Insider's Matt Weinberger in April that Stripe has seen a "big spike in signups" as businesses turn to its technology for in-app purchasing and other e-commerce abilities during the COVID-19 crisis.
He also said Stripe was taking on new customers, such as Solv, a telemedicine service that allows users to consult medical professionals via their smartphone.