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Tech

Silicon Valley siblings catapult into billionaire club

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Opening sequence

Tech

Silicon Valley siblings catapult into billionaire club

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COMING UP:Silicon Valley siblings catapult into billionaire club

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00:00:01
>> These brothers are no longer just the darlings of Silicon Valley. As of this week John and Patrick Collison are among the youngest self made billionaires in the world. The company they founded, digital payment startup Stripe, tells Reuters it's raised a fresh round of funding that nearly doubles its valuation to $9.2 billion.
00:00:20
And makes the brothers worth at least billion dollars each according to Forbes. Not bad for two college dropouts. Granted, the schools they quit were Harvard and MIT. Reuters tech correspondent Heather Somerville.>> These are brothers from Ireland. They're in their mid to late twenties. They started Stripe in 2010.
00:00:40
And they've definitely already made a name for themselves. Their investors include notable people such as Elon Musk, Peter Thiel. They were actually part of the PayPal mafia, the founders of PayPal. And what's interesting is really Stripe is going up against PayPal. PayPal was kind of the first internet payments company.
00:00:59
>> It's helped that when Stripe's first lines of code were written, mobile was already around. Today, Stripe helps companies like Lyft and Twitter take in payments exclusively on the web. The latest infusion of $150 million brings the grand total Stripe has raised to 450 million. Which sounds like a lot.
00:01:19
But compared to venture backed startups with similar valuations, it's not.>> That's because Stripe has been very judicious in how it grows, and how it spends money. So it's actually been fairly slow to raise money. A lot of investors take this as a sign of maturity and responsibility.
00:01:36
And that Stripe is being really careful in how it deploys its resources.>> Something that's prized by tech investors these days. And helps explain how the startup you may not have ever heard of, is worth double what it was just a year ago.