The world has witnessed yet another young billionaire, John Collison, co-founder and president of Stripe who has joined the ranks of billionaires at age 26 after the online payments company announced a new round of funding last week that valued the company at $9.2 billion.
Stripe is a technology company in America that operates in over 25 countries. It focuses on providing the technical, fraud prevention, and banking infrastructure required to operate online payment systems, hence it allows both private individuals and businesses to accept payments over the Internet.
Forbes reported that both brothers, Patrick Collison and John Collison are now worth at least $1.1 billion each after San Francisco-based Stripe raised $150 million from CapitalG, an investment division of Google parent company, Alphabet, and General Catalyst Partners.
According to the report, the Collison brothers owned about 30% of Stripe but is yet to be confirmed as a spokesperson for the company has declined to comment on their stakes in the company or net worth.
At 26, John Collison assumes the title as world’s youngest self-made billionaire since he is two months younger than Snapchat founder Evan Spiegel, who is also 26. Other self-made billionaires under 30 include; Stripe CEO Patrick Collison, 28, and Snapchat cofounder Bobby Murphy, 28.
However, the 26-year-old Irish is not the youngest billionaire in the world. Norwegian Alexandra Andresen, 20, who inherited a 42% stake in the family-owned investment company, Ferd with her billionaire sister Katharina Andresen, 21, tops the list as youngest billionaires as each sister is worth $1.2 billion.
Both Collison brothers live and work in San Francisco and according to Forbes, Stripe is their second company. Their first company was Shuppa, which merged with another small startup, Auctomatic, a company that builds software for eBay sellers, in 2008.
Report further said Stripe does not disclose its revenue but for each transaction it processes, the company obtains 2.9 percent of the transaction plus 30 cents, translating to an estimated $450 million in revenue for 2015.
The brothers attended college in the U.S. – John went to Harvard and Patrick went to MIT – but they dropped out to pursue what later became the idea for Stripe. Speaking to Forbes, Patrick Collison described their company’s success.
“Heartening as the success to date has been, we are so early in accomplishing the goals that we set out for ourselves. If anyone here believes that Stripe has already made it, that would be hugely problematic for us.”