5 ms·

The Story Behind Payment Disruptor Stripe.com And Its Founder Patrick Collison

76 points by dko 14y ago

rudiger 14y ago
Who's the long-haired dude in that picture?
- pg 14y ago
  Francisco Tolmasky.
robryan 14y ago
For some reason it feels like this writeup stops at a weird point in the story. Could have expanded more on what they are doing now, how they are doing it and what their plans for the future are.
- xpose2000 14y ago
  Completely agree. Just when the story is getting good, it suddenly stops. I too was expecting a story about Stripes accession and where its headed now.
  - trueblueponies 14y ago
    Patrick did a 60-minute interview with me and I took a few pieces that were particularly interesting and featured them. The video clips filled in some of the other pieces I didn't write about. If you want the rest I suggest watching the full interview: http://startupgrind.com/2012/04/patrick-collison-founder-stripe-live-at-startup-grind-video/ http://startupgrind.com/2012/04/patrick-collison-founder-str...
jarcoal 14y ago
Stripe might be considered "disruptive" in the developer community, but I fail to see how they are beyond that. They built a very easy to use tool on top of an outdated (though still commonly used) payment technology.
- garraeth 14y ago
  "They built a very easy to use tool on top of an outdated (though still commonly used) payment technology." Could you please expand on this? And, if possible, describe newer/better technologies? Thanks!
  - deleted 14y ago
    [deleted]
  - jarcoal 14y ago
    Maybe it's just me, but credit cards seem pretty old fashion. I mean, could you imagine someone inventing a payment technology today that required you to give away your secret password to each and every person who needed to bill you? It's no wonder there is so much money lost to fraud. I think companies like Dwolla are the real future, even if Dwolla itself fails. The tokens they issue for payments are only good for a certain amount to a certain recipient. Recipient gets hacked? Sign in to Dwolla and expire that token, simple as that. Also CC fees are absolutely astronomical, we've just gotten used to paying them. We really need a future where money transfer is not controlled by a few private interests that are capturing 3% of everything.
- dpeck 14y ago
  I think you underestimate the disruptive potential that Stripe gives. Dealing with payments is one of the biggest pain points that a lot of people have when putting together a new web venture. They've uncomplicated the payment part of the system enough that it essentially removes that pain completely allowing many more developers to take the plunge into a side project that they can potentially make a little cash with. Having revenue coming in keeps those developers going and we will see some great things come out of it. That has huge potential! Unless an easier competitor comes along I do and will continue to use Stripe for anything that I'm not using for a primary source of income.
  - jbigelow76 14y ago
    "I think you underestimate the disruptive potential that Stripe gives. Dealing with payments is one of the biggest pain points that a lot of people have when putting together a new web venture." No offense but I think this statement shows exactly what makes Stripe so non-disruptive. Stripe has targeted a niche, not a vertical. Payment processing exists beyond the needs of new web ventures. The majority of businesses (brick and mortars) can't even make use of stripe without a VAR or OEM acting as a middle man, and at that point where is the value that stripe brings to the table? The savings will be eaten up by the middle man. Stripe may be great for a small development shop cranking out mobile and web apps (I'm their target market, I'm considering using it for my SaaS myself) but once a business starts to scale saving a quarter or half percentage point on processing fees by using something like auth.net makes sense when weighed against the usability of stripe from a developer perspective.
thetron 14y ago
I am really excited for the day when Stripe will be available in Australia (if ever). Is anyone aware of any stripe competitors that are available for use in Australia?
- chexton 14y ago
  I hear pin.net.au are attempting just this, FYI.
  - thetron 14y ago
    That's brilliant - I've been searching around for a Australian stripe equivalent for while. Thanks for the tip!
stevenj 14y ago
I had the opportunity to meet both John and Patrick recently. Like most, I've met many people over my life thus far. I'm a social person by nature. I feel as though I understand people. I've got a good sense for them. I'm not sure how else to explain it. When I was with them, something felt different. I just felt like they are going to do important things with their lives. Have a huge impact (with Stripe and whatever else they decide to do). As the article points out, they're both quite intelligent. During our conversation, it was immediately apparent to me that they're also ambitious. But what probably stood out to me the most, given the other two qualities, was their true sense of integrity. They just seemed like nice people. Unpretentious. Would do anything for their friends that they could, as well as for well-meaning strangers. I think Stripe will make it big. But I'm mostly rooting for them for another reason: for being good people. For caring. I think the way in which they apply that quality may be what sets them apart in the end.
- smalter 14y ago
  At the close of their beta, I received a handwritten note from the Stripe guys thanking us using them. It was a kind gesture and unexpected humility coming from such a high-profile startup.
- patrickk 14y ago
  Being from Ireland myself, hugely proud of the Collisons and what they've achieved. But I'm rooting for them for another reason. A few years ago when I was in college, I randomly emailed Patrick looking for advice on where to begin on the path to eventually doing a startup. I was only half expecting a response, I mean he doesn't know me from Adam and it was an email out of the blue from me. Instead, he gave me his mobile number and told me to ring him to have a proper conversation. I had like a half hour+ conversation, about web frameworks, visa advice for the US, and so on. Incredibly guy, unbelievable generosity. I was floored by it. I've no doubt Stripe will go public some day (unless it gets bought for a huge sum by Visa or someone), I'll be rooting for those guys all the way.
deleted 14y ago
[deleted]

76 points by dko 14y ago

rudiger 14y ago

Who's the long-haired dude in that picture?

pg 14y ago
Francisco Tolmasky.

robryan 14y ago

For some reason it feels like this writeup stops at a weird point in the story. Could have expanded more on what they are doing now, how they are doing it and what their plans for the future are.

xpose2000 14y ago
Completely agree. Just when the story is getting good, it suddenly stops. I too was expecting a story about Stripes accession and where its headed now.
- trueblueponies 14y ago
  Patrick did a 60-minute interview with me and I took a few pieces that were particularly interesting and featured them. The video clips filled in some of the other pieces I didn't write about. If you want the rest I suggest watching the full interview: http://startupgrind.com/2012/04/patrick-collison-founder-stripe-live-at-startup-grind-video/ http://startupgrind.com/2012/04/patrick-collison-founder-str...

jarcoal 14y ago

Stripe might be considered "disruptive" in the developer community, but I fail to see how they are beyond that. They built a very easy to use tool on top of an outdated (though still commonly used) payment technology.

garraeth 14y ago
"They built a very easy to use tool on top of an outdated (though still commonly used) payment technology." Could you please expand on this? And, if possible, describe newer/better technologies? Thanks!
- deleted 14y ago
  [deleted]
- jarcoal 14y ago
  Maybe it's just me, but credit cards seem pretty old fashion. I mean, could you imagine someone inventing a payment technology today that required you to give away your secret password to each and every person who needed to bill you? It's no wonder there is so much money lost to fraud. I think companies like Dwolla are the real future, even if Dwolla itself fails. The tokens they issue for payments are only good for a certain amount to a certain recipient. Recipient gets hacked? Sign in to Dwolla and expire that token, simple as that. Also CC fees are absolutely astronomical, we've just gotten used to paying them. We really need a future where money transfer is not controlled by a few private interests that are capturing 3% of everything.
dpeck 14y ago
I think you underestimate the disruptive potential that Stripe gives. Dealing with payments is one of the biggest pain points that a lot of people have when putting together a new web venture. They've uncomplicated the payment part of the system enough that it essentially removes that pain completely allowing many more developers to take the plunge into a side project that they can potentially make a little cash with. Having revenue coming in keeps those developers going and we will see some great things come out of it. That has huge potential! Unless an easier competitor comes along I do and will continue to use Stripe for anything that I'm not using for a primary source of income.
- jbigelow76 14y ago
  "I think you underestimate the disruptive potential that Stripe gives. Dealing with payments is one of the biggest pain points that a lot of people have when putting together a new web venture." No offense but I think this statement shows exactly what makes Stripe so non-disruptive. Stripe has targeted a niche, not a vertical. Payment processing exists beyond the needs of new web ventures. The majority of businesses (brick and mortars) can't even make use of stripe without a VAR or OEM acting as a middle man, and at that point where is the value that stripe brings to the table? The savings will be eaten up by the middle man. Stripe may be great for a small development shop cranking out mobile and web apps (I'm their target market, I'm considering using it for my SaaS myself) but once a business starts to scale saving a quarter or half percentage point on processing fees by using something like auth.net makes sense when weighed against the usability of stripe from a developer perspective.

thetron 14y ago

I am really excited for the day when Stripe will be available in Australia (if ever). Is anyone aware of any stripe competitors that are available for use in Australia?

chexton 14y ago
I hear pin.net.au are attempting just this, FYI.
- thetron 14y ago
  That's brilliant - I've been searching around for a Australian stripe equivalent for while. Thanks for the tip!

stevenj 14y ago

I had the opportunity to meet both John and Patrick recently. Like most, I've met many people over my life thus far. I'm a social person by nature. I feel as though I understand people. I've got a good sense for them. I'm not sure how else to explain it. When I was with them, something felt different. I just felt like they are going to do important things with their lives. Have a huge impact (with Stripe and whatever else they decide to do). As the article points out, they're both quite intelligent. During our conversation, it was immediately apparent to me that they're also ambitious. But what probably stood out to me the most, given the other two qualities, was their true sense of integrity. They just seemed like nice people. Unpretentious. Would do anything for their friends that they could, as well as for well-meaning strangers. I think Stripe will make it big. But I'm mostly rooting for them for another reason: for being good people. For caring. I think the way in which they apply that quality may be what sets them apart in the end.

smalter 14y ago
At the close of their beta, I received a handwritten note from the Stripe guys thanking us using them. It was a kind gesture and unexpected humility coming from such a high-profile startup.
patrickk 14y ago
Being from Ireland myself, hugely proud of the Collisons and what they've achieved. But I'm rooting for them for another reason. A few years ago when I was in college, I randomly emailed Patrick looking for advice on where to begin on the path to eventually doing a startup. I was only half expecting a response, I mean he doesn't know me from Adam and it was an email out of the blue from me. Instead, he gave me his mobile number and told me to ring him to have a proper conversation. I had like a half hour+ conversation, about web frameworks, visa advice for the US, and so on. Incredibly guy, unbelievable generosity. I was floored by it. I've no doubt Stripe will go public some day (unless it gets bought for a huge sum by Visa or someone), I'll be rooting for those guys all the way.

deleted 14y ago

[deleted]