The untold story of Stripe, the secretive $20bn startup driving Apple, Amazon and Facebook | WIRED UK


42 bookmarks. First posted by drewcaldwell 9 weeks ago.


Patrick and John Collison have democratised online payments – and reshaped the digital economy in the process
Wired  Stripe  Patrick_Collison  John_Collison 
8 weeks ago by GameGamer43
When Berners-Lee and his team were building the world wide web and designing HTTP and HTMP standards, they included error codes such as “500: internal server error”, or “404: page not found”. In the early 90s, they were trying to realise Licklider’s vision and setting out the rules for how we were all going to interact over this information network. One long-standing error code is “402: payment required”. The original intention – the reason 402 is reserved for future use – was that this code would be used to transact digital cash or micropayments. It has never been implemented – and the Collisons argue this is the reason tech is turning from an equal access opportunity to an oligopoly controlled by five companies now worth more than $3 trillion.
infrastructure  money  hope 
8 weeks ago by Qkn7Ua6K9289pPqt4689
Reach the first million in your user base, and then see how you can monetise. But in the Middle East, we don’t work like that. From day one, investors want you to show something tangible. They don’t speak about the next generation, they want to talk about something basic people will pay for on the spot.
8 weeks ago by msurbey
O n a hot summer’s day in a lush, green Cairo garden just a stone’s throw from the Nile, 29-year-old Mostafa Amin is talking about bread. He’s speaking with the…
from instapaper
8 weeks ago by rdr
O n a hot summer’s day in a lush, green Cairo garden just a stone’s throw from the Nile, 29-year-old Mostafa Amin is talking about bread. He’s speaking with the…
from instapaper
8 weeks ago by alphex
On a hot summer’s day in a lush, green Cairo garden just a stone’s throw from the Nile, 29-year-old Mostafa Amin is talking about bread. via Pocket
IFTTT  Pocket 
9 weeks ago by archizoo
O n a hot summer’s day in a lush, green Cairo garden just a stone’s throw from the Nile, 29-year-old Mostafa Amin is talking about bread. He’s speaking with the…
from instapaper
9 weeks ago by rothschi
On a hot summer’s day in a lush, green Cairo garden just a stone’s throw from the Nile, 29-year-old Mostafa Amin is talking about bread.
Archive 
9 weeks ago by dvand5
O n a hot summer’s day in a lush, green Cairo garden just a stone’s throw from the Nile, 29-year-old Mostafa Amin is talking about bread. He’s speaking with the…
from instapaper
9 weeks ago by zsoltika
On a hot summer’s day in a lush, green Cairo garden just a stone’s throw from the Nile, 29-year-old Mostafa Amin is talking about bread. via Pocket
9 weeks ago by ferdinandsalis
Today, 20 per cent of tech-based Delaware C-Corps started on Stripe Atlas.
stripe 
9 weeks ago by elrob
On a hot summer’s day in a lush, green Cairo garden just a stone’s throw from the Nile, 29-year-old Mostafa Amin is talking about bread. via Pocket
Pocket 
9 weeks ago by tonyhue
O n a hot summer’s day in a lush, green Cairo garden just a stone’s throw from the Nile, 29-year-old Mostafa Amin is talking about bread. He’s speaking with the…
from instapaper
9 weeks ago by bdeskin
O n a hot summer’s day in a lush, green Cairo garden just a stone’s throw from the Nile, 29-year-old Mostafa Amin is talking about bread. He’s speaking with the…
from instapaper
9 weeks ago by johnrclark
O n a hot summer’s day in a lush, green Cairo garden just a stone’s throw from the Nile, 29-year-old Mostafa Amin is talking about bread. He’s speaking with the…
from instapaper
9 weeks ago by liebo7
Stephen Armstrong:
<p>Over the past year, 65% of UK internet users and 80% of US users have bought something from a Stripe-powered business, although very few of them knew they were using it. Where PayPal injects itself into the checkout process, Stripe operates like a white-label merchant account, processing payments, checking for fraud and taking a small percentage: 1.4% plus 20 pence for European cards and 2.9% plus 20 pence for all others. The buyer sees the seller’s name on their credit card statement and, unless the merchant specifically chooses to deploy the Stripe logo, that’s all they’ll ever see.

“It’s not the cheapest provider but it does remove all other intermediaries so it’s the only fee you’ll pay,” Hodges explains. “And if that’s all they did, they’d be interesting. It’s what they did next that’s revolutionary.”

“For many years Stripe had been trying to work out how to deal with what seemed like an obvious opportunity,” explains Billy Alvarado, Stripe’s chief business officer. Alvarado grew up in Honduras, where, in 1998, Hurricane Mitch took out all three bridges in the capital city. “Suddenly you had men, women and children, literally in rubber boots with these pads on their shoulders selling piggy backs across the river to men in suits and women in work clothes,” he recalls. “If you go to any country, you see entrepreneurship everywhere. A lot of these entrepreneurs would love to launch a global internet business. They find it difficult to trade on the world market – but these are literally millions of nascent businesses. We were just trying to work out how we can help them do that simply.”

On February 24, 2016 the company launched the Stripe Atlas platform, designed to help entrepreneurs start a business from absolutely anywhere on the planet. The invitation-only platform allows companies from the Gaza Strip to Berwick-upon-Tweed to incorporate as a US company in Delaware – a state with such business-friendly courts, tax system, laws and policies that 60% of Fortune 500 companies including the Bank of America, Google and Coca-Cola are incorporated there for just $500.</p>

Would be great if Delaware would also reform itself so that you could trace ownership of businesses registered there, and bring dirty money to account. Hardly Stripe's fault it would use it, though.
Stripe  payments 
9 weeks ago by charlesarthur
O n a hot summer’s day in a lush, green Cairo garden just a stone’s throw from the Nile, 29-year-old Mostafa Amin is talking about bread. He’s speaking with the…
from instapaper
9 weeks ago by thijsniks
Stripe has democratised online payments and reshaped the digital economy ()
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9 weeks ago by fkbarrett
The untold story of Stripe, the secretive $20bn startup driving Apple, Amazon and Facebook via Instapaper https://ift.tt/2ObiDTO
IFTTT  Instapaper  longreads 
9 weeks ago by chetan
The untold story of Stripe, the secretive $20bn startup driving Apple, Amazon and Facebook
9 weeks ago by jpdefillippo
There’s also 20 labelled “particularly great” – including books on imperialism, engineering and democracy as well as Nick Bostrom’s Anthropic Bias and Rebecca Goldstein’s libidinous philosophy novel The Mind-Body Problem. One of those 20 greats is special: The Dream Machine: J.C.R. Licklider and the Revolution That Made Computing Personal, by Nature editor M Mitchell Waldrop. This particular book shapes Stripe’s soul – it was out of print for years until Patrick bought the rights and republished it, handing out free copies to every staff member and to anyone who visits Stripe’s headquarters.

The book is a sprawling history of the ideas and individuals that got us from punch cards to personal computers. Taking in everyone from Alan Turing to Tim Berners Lee, the book focuses on Licklider, a visionary polymath psychologist from Missouri who, during his career at the Massachusetts Institute of Technology and the Pentagon, mentored Robert Taylor – who implemented Licklider’s ideas of a computer network as the ARPAnet that ultimately evolved into the Internet – Douglas Englebart and many of those who created computing as we know it.

He envisaged a man-computer Symbiosis – a collaborative connection between people and technology. Building Licklider’s Dream Machine fell to the mavericks, the outsiders and the rebels at MIT, Carnegie Mellon, UCBerkeley, RAND, BBN, SRI and Xerox PARC. The Collison brothers love the messy, chaotic and unexpected nature of Licklider’s gang.

“One reading of the Dream Machine, the take away certainly that we had, is how accidental the whole thing seemed,” John explains, sitting in a glass-fronted office in Stripe’s headquarters. “How easily it could not have happened and how much it relied on a set of very motivated people who really believed in the long-term idea, pushing it through. That’s one important lesson to take away – this thing that has been so impactful for so many people… was it inevitable? It’s not obvious that it was.”
9 weeks ago by branyon
O n a hot summer’s day in a lush, green Cairo garden just a stone’s throw from the Nile, 29-year-old Mostafa Amin is talking about bread. He’s speaking with the…
instapaper 
9 weeks ago by derekbrown
via Pocket, The untold story of Stripe, the secretive $20bn startup driving Apple, Amazon and Facebook
ifttt  pocket 
9 weeks ago by snehavii
This is a good article but kinda a creepy photo.

Wait, I know what it reminds me of.
from twitter
9 weeks ago by avi
On a hot summer’s day in a lush, green Cairo garden just a stone’s throw from the Nile, 29-year-old Mostafa Amin is talking about bread. via Pocket
IFTTT  Pocket  instapaper 
9 weeks ago by drewcaldwell