How Stripe became the worlds greatest payment gateway

Irish entrepreneurs John and Patrick Collison founded Stripe in 2010.

Stripe began as a start-up called /dev/payments. The name resulted in misspellings and confusion to those outside the company, so the company renamed itself Stripe.

In June 2010, Stripe received seed funding from Y Combinator, a start-up accelerator.

In early 2010 John and Patrick began working on Stripe together. The next 6-months they played with it, showed it to friends, and saw how people interacted with it, iterating along the way.

Within 2-weeks of building the prototype they had their first transaction.

Stripe originally partnered with a payments company but after they started taking it seriously they realized that the only way to control the entire experience the way they wanted to was to control all aspects of the process.

The company was still bootstrapped, but the founders were starting to realize that as a payment startup they would need institutional credibility that an investor could provide.

In May 2011, Stripe received a $2 million investment from venture capitalists Peter Thiel, Sequoia Capital, and Andreessen Horowitz.

In February 2012, Stripe received an $18 million Series A investment led by Sequoia Capital at a $100 million valuation.

Stripe launched publicly in September 2011 after an extensive private beta.

Less than a year after its public launch, Stripe received a $20 million Series B investment.

In March, 2013, Stripe acquired chat and task-management application Kick-off.

In March 2014, CEO Patrick Collison announced that Stripe would support bitcoin transactions.

In January 2015, Stripe introduced a machine learning-based fraud detection system.

In 2016, Stripe was ranked number four on the Forbes magazine Cloud 100, a list of companies that engage in cloud computing.