This is the youngest billionaire you’ve never heard of...
He dropped out of MIT and built Stripe into a $95B company from his dorm room.
His growth strategy was so SMART that even PayPal, Square, and Visa execs were stunned.
Here’s the full story: 🧵 x.com
He dropped out of MIT and built Stripe into a $95B company from his dorm room.
His growth strategy was so SMART that even PayPal, Square, and Visa execs were stunned.
Here’s the full story: 🧵 x.com
This is Patrick Collison.
At 19, he left MIT to solve one of the internet's biggest problems: PayPal...
In 2009, accepting online payments was a disaster.
PayPal integration took 7 days and needed a 100-page manual.
At the same time, companies lost $40B each year to failed payment processing.
At 19, he left MIT to solve one of the internet's biggest problems: PayPal...
In 2009, accepting online payments was a disaster.
PayPal integration took 7 days and needed a 100-page manual.
At the same time, companies lost $40B each year to failed payment processing.
Patrick saw an opportunity hiding in plain sight.
His solution?
Make payments ridiculously simple.
Just 7 lines of code to accept payments (PayPal needed 500+ at the time). x.com
His solution?
Make payments ridiculously simple.
Just 7 lines of code to accept payments (PayPal needed 500+ at the time). x.com
When Patrick showed this to PayPal execs, they laughed.
"It's impossible to make it that simple" they said. x.com
"It's impossible to make it that simple" they said. x.com
But Patrick wasn't alone—he had his brother, John.
Both had been programming since the age of 10, and by the time they got to college, they were already making money from making iPhone apps.
Seeing the opportunity, they decided to drop out and build Stripe, originally named “/dev/payments.”
Both had been programming since the age of 10, and by the time they got to college, they were already making money from making iPhone apps.
Seeing the opportunity, they decided to drop out and build Stripe, originally named “/dev/payments.”
They focused on one metric: developer happiness. If developers loved it, businesses would naturally follow.
Stripe joined Y Combinator, where investor Paul Graham called their demo “suspiciously good.” Even PayPal co-founder Peter Thiel was impressed, investing $2 million. x.com
Stripe joined Y Combinator, where investor Paul Graham called their demo “suspiciously good.” Even PayPal co-founder Peter Thiel was impressed, investing $2 million. x.com
Stripe's first office: A two-bedroom apartment with six people coding non-stop.
Their mission: "Increase the GDP of the internet."
Patrick's belief for the first 10 hires: x.com
Their mission: "Increase the GDP of the internet."
Patrick's belief for the first 10 hires: x.com
In 2011, Stripe launched publicly at the perfect time:
• Shopify was gaining momentum
• App stores were booming
• SaaS was rapidly growing
Every startup needed simple payments—and Stripe delivered. x.com
• Shopify was gaining momentum
• App stores were booming
• SaaS was rapidly growing
Every startup needed simple payments—and Stripe delivered. x.com
The growth was staggering:
• 2011: $1M processed
• 2012: $100M processed
• 2013: $1B processed
• 2015: $20B processed
Traditional banks dismissed it as "beginner's luck."
They couldn’t have been more wrong—here’s why: x.com
• 2011: $1M processed
• 2012: $100M processed
• 2013: $1B processed
• 2015: $20B processed
Traditional banks dismissed it as "beginner's luck."
They couldn’t have been more wrong—here’s why: x.com
Patrick realized payment complexity was a total waste.
While competitors kept adding features, Stripe removed them.
👉 As a result, developers could integrate payments in minutes, not weeks.
While competitors kept adding features, Stripe removed them.
👉 As a result, developers could integrate payments in minutes, not weeks.
By 2016, Stripe powered:
• Lyft
• Instacart
• DoorDash
• Shopify
• Amazon
The college dropout was now worth billions.
But that was not all. Patrick and John tackled other business headaches: x.com
• Lyft
• Instacart
• DoorDash
• Shopify
• Amazon
The college dropout was now worth billions.
But that was not all. Patrick and John tackled other business headaches: x.com
He expanded into_
Fraud prevention (Radar)
Issuing simplified company credit cards.
Help startups get started (Atlas)
Each product addressed a real problem, keeping Stripe ahead of the game. x.com
Fraud prevention (Radar)
Issuing simplified company credit cards.
Help startups get started (Atlas)
Each product addressed a real problem, keeping Stripe ahead of the game. x.com
By 2021, Stripe was valued at $95B—
More than:
• Goldman Sachs
• BMW
• Target
...And Patrick was only 32. x.com
More than:
• Goldman Sachs
• BMW
• Target
...And Patrick was only 32. x.com
The craziest part is that Stripe still processes less than 1% of global payments.
Its mission to "increase the GDP of the internet" is just beginning, and Patrick is just getting started.
Still, his story of success highlights the importance of hard work, identifying and solving real problems, and the power of simplicity over complexity.
Its mission to "increase the GDP of the internet" is just beginning, and Patrick is just getting started.
Still, his story of success highlights the importance of hard work, identifying and solving real problems, and the power of simplicity over complexity.
Get access to +$100K/year Data, SWE & AI jobs.
Check out TopAIsJobs where you can find top jobs in Data Science, Machine Learning, Software Engineering and AI.
👉Link: topaisjobs.com
Check out TopAIsJobs where you can find top jobs in Data Science, Machine Learning, Software Engineering and AI.
👉Link: topaisjobs.com
That's a wrap!
Follow @ginacostag_ for more threads like this
Was this helpful? 💜Like/RT the first tweet to show your support!👇
Follow @ginacostag_ for more threads like this
Was this helpful? 💜Like/RT the first tweet to show your support!👇
Loading suggestions...