Collison brothers' Stripe unit records weekly revenues of $98.59m in 2024

Gordon Deegan

Revenues at a Dublin-based unit of the Collison brothers-led Stripe last year soared by 34 per cent to a record $5.12 billion (€4.32 billion).

New accounts filed by Stripe Payments International Holdings Ltd show that the online payments business enjoyed a $1.3 billion increase in revenues from $3.82 billion to $5.12 billion in 2024.

The $5.12 billion in revenues translates to average weekly revenues of $98.59 million for 2024.

The company recorded pre-tax profits of $101.88 million after recording pre-tax losses of $1.2 billion in the prior year - a positive swing of $1.3 billion.

Revenues were boosted in 2024 by Stripe announcing new or expanded partnerships with some of the world’s most successful companies, including Nvidia, Hertz, Best Buy, URBN and Accor.

The firm is the holding company for Stripe sales in the European Middle East and Africa (EMEA) region, along with the Asia Pacific (APAC) region.

The business expanded rapidly in 2024, with staff numbers rising by 443 from 1,765 to 2,208, and they are employed across the EMEA and APAC regions.

Staff costs decreased by 21 per cent from $637.13 million to $503.3 million. This was mainly due to share-based payments halving from $323.4 million in 2023 to $161.6 million last year.

The cost of 'wages and salaries' totalled $299.84 million, which translates to an average salary of $135,800 for 2024.

The unit also incurred a corporation tax charge of $29.52 million, resulting in a post-tax profit of $72.3 million.

The directors describe Stripe as an “Irish-American technology group” and state that "turnover and the associated cost of sales have increased due to growth in business from existing users and an increase in user adoption in existing markets”.

Cost of sales increased from $3.98 billion to $4.2 billion, and the directors state that in addition, "the increase in cost of sales is also driven by the increase in research and development costs”.

The directors state that administrative expenses have decreased from $1.17 billion to $1.01 billion as a result of one-off incremental share-based payment expenses recognised during the prior year.

In a post-balance sheet event on June 27th 2025, the company paid out a dividend of $9 million to its immediate parent, Stripe Laboratories Inc.

Founded in 2010 by Patrick and John Collison, Stripe was first declared a "unicorn" – a privately-owned company that is valued at more than $1 billion – in 2014.

This year, Forbes estimated that Patrick and John each have a net worth of $10.1 billion.

Globally, Stripe - which is headquartered in San Francisco and Dublin - processed transactions that generated $1.4 trillion in total payment volume in 2024, up 38 per cent from the prior year.

In their annual letter for 2024, the Collison brothers stated: “We attribute this year’s rapid growth in part to our long-standing investments in building machine learning and artificial intelligence into our products. These bets continue to pay off, increasing revenue for existing customers, encouraging more businesses to switch to Stripe, and helping new companies reach significant scale unprecedentedly quickly.”

On the firm’s financials, the brothers stated: “Stripe was profitable in 2024, and we expect to be so in 2025 and beyond. Durable profitability allows us to plow back much of our operating earnings into research and development. In each of the last six years, Stripe has reinvested a much higher proportion of our earnings in R&D than any comparable company.”

The profit last year takes account of combined non-cash depreciation and amortisation costs of $36.9 million, along with a foreign exchange loss of $41.42 million.

The loss also takes into account lease costs of $14.9 million.

At the end of December last, the group had shareholder funds of $968 million, and its cash funds decreased from $1.04 billion to $892 million.