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Economist Podcasts

Earning them: Stripe’s monster valuation

Economist Podcasts

The Economist

News & Politics, News

4.35K Ratings

🗓️ 16 March 2021

⏱️ 20 minutes

🧾️ Download transcript

Summary

The firm got in early providing online-payment software to tech startups. Now it’s the most valuable Silicon Valley darling yet. We look at its future prospects. New York Governor Andrew Cuomo faces a raft of allegations and widespread calls to quit; our correspondent reckons he will not go anywhere without a fight. And the Kabul beauty trend that keeps growing.

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Transcript

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0:00.0

Hello and welcome to the Intelligence on Economist Radio. I'm your host, Jason Palmer.

0:09.5

Every weekday, we provide a fresh perspective on the events shaping your world.

0:17.0

The governor of New York, Andrew Cuomo, has had a long career being uncompromising,

0:23.6

but as allegations have piled up about his once-lawed pandemic response,

0:27.6

and about his behavior, it seems something will have to give.

0:31.6

And in Afghanistan's capital, Kabul, there's a service that's on the rise, plastic surgery.

0:39.1

Demand is up as more people spend time abroad and online.

0:43.3

Problem is, being a cosmetic surgeon in the country is something of a dangerous profession. First up, though, Patrick Collinson co-founded the Irish-American payment platform, Stripe, with his brother John, in 2010, when he was just 22.

1:09.0

We started out building a payment platform for internet businesses, as simple as that.

1:13.6

And so you want to accept payments on your website, in your app, you want to charge people over the internet.

1:18.6

We built a system that makes that really easy to do.

1:21.6

By the time our sister show Babbage spoke with him in September 2019,

1:25.6

private investors had poured money into Stripe and it was worth

1:29.3

$35 billion.

1:30.3

Stripe works with millions of the highest potential companies all around the world, and so

1:36.3

worse of a platform for these new ventures, for these new undertakings, and for people doing things

1:41.3

that weren't previously possible.

1:43.3

As of this weekend, it's now valued at $95 billion, making it the most valuable private

1:49.1

company that Silicon Valley has ever produced.

1:52.5

There's clearly plenty of investor interest in the small handful of firms that handle the

1:57.5

back end of e-commerce.

1:59.5

But as ever, with the eye-watering valuations of the tech world,

...

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