It’s where they began laying the foundations for Stripe, their payments company valued at $20 billion when it last raised money in September 2018 and which handles payments for Amazon, Booking.com, Lyft, Deliveroo, Shopify, Salesforce and Facebook.
The fintech ‘revolution’ that followed wasn’t much of an uprising but more of a spot of portfolio diversifying by some banks that laid down the payment rails any eager startup had to ride on.
Stripe processed payments through its own servers, allowing payers and vendors to connect with minimum fuss.
Adyen – which describes itself on the site as “a payments-technology company that provides a single global platform to accept payments anywhere in the world. Businesses can process payments across online, mobile and in-store with over 250 payment methods and 187 currencies” – has 23 fans, is a favourite for 11 developers and has some 39 upvotes as of July 2018.
Braintree – which says it “Replaces traditional payment gateways and merchant accounts. From one touch payments, to mobile SDKs and international sales, we provide everything you need to start accepting payments today” – does a little better with 130 fans, 29 favourites and 87 up votes.
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 per cent plus 20 pence for European cards and 2.9 per cent plus 20 pence for all others.
“The idea driving 402 was that it’s obvious that support for payments should be a first-class concept on the web and it’s obvious that there should be a lot of direct commerce taking place on the web,” says John “In fact, what emerged is a single dominant business model which is advertising. That leads to a lot of centralisation, because you get the highest cost per clicks and with the largest platforms. A big part of what we’re trying to do with Stripe is continually make it easy for new business to start, and for new businesses to succeed. Having commerce and direct payment succeed on the internet is a very important component of that. It’s the final piece in the Dream Machine.”
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