Two Limerick brothers who have taken Silicon Valley by storm are set to land a multi-million dollar deal with Twitter to revolutionize shopping on the social media network. Patrick and John Collison are already millionaires after the sold part of their Stripe business to American investors and moved to California.
Their company could hit a billion dollar valuation if they conclude the deal with Twitter to allow the social media service to sell goods online. The Irish Independent reports that the new product will transform Twitter and the way people buy things on the internet. Patrick (25) and John (23) are said to be in advanced discussions to create an online payment mechanism for Twitter. Twitter is currently funded by advertising which has yet to cover its development costs.
Technology developed by the Collison brothers for their Stripe business allows web companies to accept credit card payments without the fuss of using a bank. The Irish Independent says that, if completed, the deal would confirm the Collisons as emerging A-list global tech entrepreneurs, catapulting Stripe’s value to around €1billion. The firm is just three years old, employs 60 people and is financially backed by Silicon Valley’s most prestigious investors. It is already thought to have turned down an acquisition offer worth several hundred million dollars from PayPal in 2013.
CEO Patrick Collison is a former winner of the BT Young Scientist competition in Ireland and both brothers are past pupils of Castletroy College in Limerick. The proposed deal was first reported by Recode, a new online publication created by former senior Wall Street Journal technology writers. The paper adds that Stripe is regularly described by US financial analysts as one of a small number of firms to constitute the ‘next big thing’. Off-market trading services and technology analysts currently value the firm at €500m.
Patrick Collison told the Irish Independent last year that the brothers are in no rush to cash in on their company’s value. He said: “If we were interested in selling the company and making money quickly, we would have a laser focus on the US. “Instead, we’re absolutely focused on opening international offices and expanding, which is very hard. “Stripe’s goal is to build an easier way of paying for things online in the long term.”
Source: Irish Central