Stripe logo on a smartphone with dollar bills in the background.
Budrul Chukrut | SOPA Image | Getty Images LightRocket
Online payment giant Stripe is still not in a hurry to go public. Co-founder John Collison told CNBC that the company is currently happy to remain private.
“As a private company, we are very happy,” Collison said in an interview with CNBC’s Hadley Gamble at the Abu Dhabi Fintech Festival.
“Part of the reason for our patience is that we feel that we are still early on our journey with Stripe.”
Collison’s comment is on Bloomberg Report Said that Stripe is in talks with investment banks on early negotiations to go public as early as next year.
Collison said that the company plans to expand into the Persian Gulf, which includes countries such as the United Arab Emirates, Qatar and Saudi Arabia. He added that Stripe already has customers from Deliveroo, a $7.5 billion food delivery company, to a small sportswear brand called Squatwolf, using it to process payments in the region.
“We only launched in the UAE in June, and we have seen this kind of massive growth,” said Collison, the current president of Stripe.
He added: “This is a huge area, and its own growth has only just begun to change.” “It feels like we are still very early in this journey, and we are still investing heavily.”
Collison said Stripe is unlikely to seek an IPO in the near future.
This is not the first time Stripe has poured cold water on discussions about the stock market debut.The final valuation of this fintech company was as high as 95 billion U.S. dollars, making it worth more than Uber Before the initial public offering of the ride-hailing company.
Stripe was founded in 2009 by Irish brothers Patrick and John Collison. It has grown from a technology upstart to a payment giant, processing billions of dollars in transactions for the following institutions every year Amazon, Google with takeout.
Stripe is also increasingly expanding into other financial areas, including loans and tax management. The company has firmly ruled out the idea of becoming a mature bank, but this move will eventually lead to regulatory review and increased costs.
Another area Stripe has recently begun to venture into is cryptocurrency. The company recently announced that it has established a team dedicated to encryption and “Web3”, a technology buzzword referring to a new, decentralized version of the Internet.
Collison stated that many innovations in the crypto market have attracted his attention, from solana (the world’s second largest digital currency Ethereum competitor) to “layer 2” blockchain systems such as Bitcoin’s Lightning Network , These systems are designed to speed up transactions and process them at a lower cost.
Stripe previously accepted Bitcoin payments, but stopped supporting this cryptocurrency in 2018, citing price fluctuations and the inefficiency of large-scale transactions.
“There have been many recent developments that focus on making cryptocurrencies better, especially as a means of payment for scalability and acceptable costs,” Collison said.
When asked if Stripe could start accepting encrypted payments again in the future, the company’s co-founder stated that it would do so “not incredible.”