- “We are very pleased as a private company,” Stripe co-founder John Collison told Businesshala’s Hedley Gamble at the fintech Abu Dhabi festival.
- Collison said that Stripe was launched in the United Arab Emirates in June and plans to expand to other Gulf countries.
- Collison added that it was also “not impossible” that the company would start accepting payments in cryptocurrencies again in the future.
Online payments giant Stripe is still in no hurry to go public, with co-founder John Collison telling Businesshala that the company is happy to remain private for now.
“We are very pleased as a private company,” Collison said in an interview with Businesshala’s Hadley Gamble at the Fintech Abu Dhabi Festival.
“Part of where our patience stems from is that it looks like we’re too early in Stripe’s journey.”
Collison’s Comments a. come after Businesshala report said that Stripe was in early talks with investment banks about going public early next year.
Collison said the firm has plans to expand into the Persian Gulf, which includes countries such as the United Arab Emirates, Qatar and Saudi Arabia. He said Stripe already has clients ranging from $7.5 billion food delivery firm Deliveroo to a smaller gymwear brand called Squatwolf, who use it to process payments in the region.
Collison, who is currently the President of Stripe, said, “We only launched here in the UAE in June and we have seen this massive ramp-up.”
“It is a vast sector which is just beginning to transform in terms of its development,” he said. “It looks like we’re very early on that journey, we’re still investing heavily.”
Collison said that Stripe is unlikely to take an IPO in the immediate future.
This isn’t the first time that Stripe has poured cold water on the stock market debut. The final value of the fintech company was $95 billion, making it worth more than Uber before the ride-hailing firm’s initial public offering.
Founded in 2009 by Irish brothers Patrick and John Collison, Stripe has grown from tech upstart to a payments powerhouse processing billions of dollars in transactions each year for the likes of Amazon, Google and Deliveroo.
The company’s major competitors include PayPal, Square, Adyen and Checkout.com.
Stripe is also rapidly expanding into other areas of finance, including lending and tax management. The company has strongly rejected the idea of becoming a full-fledged bank, however, a move that would eventually lead to increased regulatory scrutiny and costs.
Another Space Stripe has recently started moving into cryptocurrencies. The company recently announced that it has established a team dedicated to crypto and has a buzz in “Web3,” technology that refers to a new, decentralized version of the Internet.
Collison said a number of innovations are emerging in the crypto market that have drawn his attention from Solana – a competitor to Ethereum, the world’s second largest digital currency – to “Layer 2” blockchain systems such as Bitcoin’s Lightning Network. Accelerate transactions and process them at low cost.
Stripe previously accepted payments in bitcoin, but ceased support for the cryptocurrency in 2018, citing price volatility and a lack of efficiency when it comes to conducting large-scale transactions.
“There has been a lot of development of late in order to improve cryptocurrency and, in particular, as a payment method that is scalable and with an acceptable cost in mind,” Collison said.
When asked if Stripe might start accepting payments in crypto again in the future, the company’s co-founder said it was “not impossible” that he would do so.