‘World-class’ Stripe is coming after the big banks

Online payments giant Stripe detailed aggressive growth plans in Australia and Asia, including expanding its face-to-face transaction offering as it seeks to take control of the merchant payment relationships traditionally the domain of large banks.

“This year we will continue expanding our terminal rollout in Australia and Singapore,” Stripe business lead in the APAC region, Noah Pepper, said during a global company webinar on Thursday.

Patrick and John Collison, the founders of global payments giant Stripe, a prospect for a mega-float on US markets.

Founded a decade ago by two brothers from Limerick in Ireland, Stripe connects companies and merchants to payments infrastructure.

CEO Patrick Collison, described as a “world-class” operator by venture capitalist Mark Carnegie, said on Thursday that e-commerce volumes had jumped ahead five years during COVID-19.

Globally, Stripe processes internet payments for more than 1 million businesses and helps build payment functionality on apps.

Mr Collison said on Thursday that Stripe is more reliable than bank payment infrastructure.

At the recent stockbrokers association conference in Sydney, Mr Carnegie described Stripe founders Patrick and John Collison, who are now billionaires, as “absolutely world-class, Jesse Owens-quality businessmen” and suggested major bank directors and CEOs will have a hard time keeping up.