Stripe is a transaction-based business with a clear model — and one not growing particularly rapidly if it took two years to get to just $1.5 billion in annual

Stripe is a transaction-based business with a clear model — and one not growing particularly rapidly if it took two years to get to just $1.5 billion in annual payments volume our sources report as of six months ago. Another way to interpret this story is that in just two years, they grew to process $1.5 billion. Braintree is processing $12 billion after having been around for an additional four years. I didn't see any analysis of the components of that $12 billion, either. What if Uber comprises 30% of their volume? Then perhaps they aren't as valuable as it seems. After all, if Uber decides to switch processors, then Braintree is fucked. It seems having a wider base of customers is usually advantageous and less risky when compared to relying on a few whales.