Stripe, the fast-growing online payments company established by Limerick brothers Patrick and John Collison, is to open an engineering hub in Dublin in a move that will create “a few dozen” jobs locally.
The San Francisco-headquartered company, which already employs about 100 people at its European headquarters in Dublin’s docklands, said it had taken the decision to set up its international engineering hub in the Irish capital.
Welcoming the announcement CEO of IDA Ireland Martin Shanahan said: “This is a very exciting time for Stripe. They currently employ around 100 people in Ireland and I am delighted that it is their intention to significantly scale the business here in the coming years. With a highly skilled workforce Ireland is the ideal location for tech companies like Stripe who are looking to grow their business and access the European market.
“Today’s announcement represents a display of confidence in Ireland’s capacity to deliver on talent and business infrastructure. Their [Stripe’s] innovative & industry leading business is exactly the type of investment we are trying to attract to Ireland and today’s announcement to further commit to Ireland will undoubtedly act as a reference point for other similar companies who are looking to invest in Ireland.”
Speaking on RTE’s Morning Ireland, chief executive and co-founder Patrick Collison said that the company chose Dublin as the firm already employs about 100 people in Dublin today, while the second reason was that “Dublin has come into its own as a technology sector and is really going from strength to strength.”
While the tax landscape in Ireland was a factor, it was not the most important one. Collison said the regulatory landscape, the tax landscape, cost of living, talent pool and access to flights were all contributory factors to the decision.
Mr Collison said that the firm will start by recruiting a couple of dozen employees for the new unit, but added that he can see it getting “significantly larger” in the years ahead. It has already started hiring for a number of positions, including engineering managers and “full stack, backend/API” and support engineers. “This is not just tertiary, it’s not just an experiment or a side project, we’ll be working on our core offerings in Dublin,” he said.
Stripe's Story to Date
Stripe, founded in 2009, offers payment-processing services for online and mobile transactions. It supports credit-card payments in more than 130 different currencies, bank transfers, Alipay and WeChat Pay.
The company founders, who are both still aged under 30, joined the billionaires club last year, according to an Oxfam report. Stripe itself is valued at $9.2 billion following a number of investment rounds.
Stripe, which employs more than 1,000 people globally, handles billions of dollars in transactions each year. It started off securing small clients but now counts companies such as Macy’s, GE, Adidas, Docusign, Slack, Nasdaq and the NFL among its customers. In Ireland, An Post and the GAA use its services.
Stripe has received about $450 million in funding to date from investors, including Sequoia Capital, Visa, American Express, Peter Thiel and Elon Musk.
While some tech companies have expressed concerns over hiring skilled IT professionals in Ireland, Collison has praised Ireland for being "outward looking" and hiring talent from overseas.
The National Skills Bulletin 2017 highlighted the skills shortages in the ICT sector. It was the highest sector to employ workers from outside the EEA in 2017. Engineering vacancies are also listed as ‘difficult-to-fill.’ For up-to-date information on the Labour Market click here.