Patrick Collison at a Glance
Patrick Collison’s Net Worth: A Deep Dive into the Stripe Co-founder’s Wealth and Career
Introduction: The Rise of Patrick Collison
Patrick Collison, the Irish-American entrepreneur, has significantly impacted the tech industry. Best known as the co-founder and CEO of Stripe, a leading online payment processing company, Collison’s journey from a young coding enthusiast to a billionaire business leader is a compelling story of innovation and success. This article explores Patrick Collison’s net worth, providing insight into his career, early life, and the ventures that have solidified his position in the business world.
Net Worth and the Success of Stripe
Patrick Collison’s net worth is estimated to be around $5 billion. This impressive figure is primarily attributed to his ownership stake in Stripe, a financial technology company that has revolutionized online transactions. Stripe simplifies the process of accepting payments over the internet, making it an essential tool for businesses of all sizes. The company’s valuation has soared over the years, reflecting its widespread adoption and pivotal role in e-commerce.
Early Life and Educational Journey
Born on September 9, 1988, in Dromineer, County Tipperary, Ireland, Patrick Collison showed an early aptitude for technology. His parents, Denis and Lily Collison, fostered his interest, leading him to take computer courses at the University of Limerick at just eight years old. By the age of ten, he was already immersed in programming, a skill that would shape his future. He attended Gaelscoil Aonach Urmhumhan and Castletroy College before briefly studying at the Massachusetts Institute of Technology (MIT). Collison dropped out of MIT in 2009 to pursue his entrepreneurial ambitions, a decision that ultimately proved fruitful.
Career: From Young Scientist to Tech Entrepreneur
Collison’s career began to take shape in his teenage years. In 2004 and 2005, he participated in the Young Scientist and Technology Exhibition, showcasing his innovative projects. His artificial intelligence project earned him the runner-up spot in 2004, and in 2005, he won the competition with the Croma programming language. This early recognition of his talent set the stage for his future ventures. In 2007, Patrick and his brother John co-founded Shuppa in Limerick, Ireland, a software company. After Y Combinator showed interest, they moved to Silicon Valley and merged with Auctomatic. In March 2008, Auctomatic was sold to Live Current Media for $5 million, a significant achievement for the young entrepreneurs.
Getty Images
The image above is from Getty Images.
Stripe’s Impact and Major Investments
In 2010, the Collison brothers founded Stripe, which quickly gained traction in the tech industry. The company’s innovative payment solutions attracted significant investment from prominent figures and venture capital firms, including PayPal co-founders Peter Thiel and Elon Musk, Andreessen Horowitz, Sequoia Capital, and SV Angel. These investments fueled Stripe’s growth, and by November 2016, the brothers were each worth at least $1.1 billion. Further investments in 2017 and 2019 significantly increased Stripe’s valuation and the Collison brothers’ net worth, cementing their status as some of the youngest self-made billionaires in the world.
- 2011: Received a $2 million investment from PayPal co-founders Peter Thiel and Elon Musk
- 2015: Stripe was valued at $5 billion.
- 2016: Stripe raised $150 million, making the Collison brothers worth at least $1.1 billion each.
- 2017: Stripe raised another $150 million, increasing the brothers’ worth to at least $3.2 billion each.
- 2019: Stripe raised $250 million at a $35 billion valuation.
Philanthropy and Advocacy
Beyond his business ventures, Patrick Collison has engaged in philanthropic and advocacy efforts. In 2018, Stripe donated $1 million to California YIMBY, an organization dedicated to making California more affordable. Additionally, Collison co-founded Fast Grants in 2020 with Tyler Cowen, providing funding for scientists working on COVID-19-related projects. He has also used his platform to address social and political issues, including speaking out against the treatment of Uighurs in China.
Personal Life and Interests
In April 2022, Patrick Collison married Silvana Konermann, a Swiss-American biochemist, whom he met at the EU Young Scientist competition. Together, they co-founded the Arc Institute, a non-profit research organization. Collison is known to be an avid reader with an interest in diverse subjects such as art, history, philosophy, and technology, reflecting his intellectual curiosity and broad interests.
Real Estate and Investment Portfolio
In 2022, Patrick and John Collison acquired Millbrook House, a Victorian mansion in Co Laois, Ireland, for €400,000. The brothers’ investment in this derelict property reflects their interest in real estate and their connection to their Irish heritage. This purchase added to John’s existing property portfolio, including a home purchased for €11.5 million in 2021.
Conclusion: Patrick Collison’s Legacy
Patrick Collison’s journey is an inspiration to aspiring entrepreneurs and tech enthusiasts. His leadership at Stripe, combined with his early achievements and varied interests, demonstrates his commitment to innovation and making a positive impact on the world. His net worth is a testament to his success and a reflection of the value he has created within the global financial ecosystem.