Patrick and John Collison developed a 7-lined piece of code which is revolutionised online payments and now their company Stripe Inc. is worth $9.2 billion!
In the world of internet, people spend uncountable amount of money online, each day and considering United States, Americans spend about $1.2 billion online every single day but it has now doubled and will be continuously increasing. But the online payment infrastructure still remained old and slow – online seller needs to go to a bank, a payment processor and a gateway that links them both. The entire process needs multiple layers of people, coding, security checks and fee after fee – yet the process remains breach-able and sluggish.
Looking to this, two brothers from Ireland – Patrick and John Collison debugged the entire process in 2010 and then they built a software which allowed online sellers to plug those 7-lines of code into websites and apps to instantly connect with credit card and banking systems and receive payments. They introduced the product into market by naming them as Stripe Inc. and it was an absolute hit in the entire Silicon Valley! The product’s popularity spread like wild fire and soon Stripe was handling payments for businesses like Lyft, Facebook, DoorDash, and thousands that aspired to be like them.
Today, the 7-lined code business handles tens of billions of dollars’ worth online transactions and is a financial backbone of most of the business giants. And the great thing about Stripe is that they charge a very small amount as fee, which cuts down the humongous fees as well as cutting the time and making the entire process a lot more secure at the same time. This has made Patrick (28) and John (26), one of the youngest self-made billionaires whose current worth is a massive $9.2 billion! That is the real power of coding.