Last year, according to the MoneyTree 2019Q1 report jointly published by CBInsights and PricewaterhouseCoopers, the payment startup Stripe ranked fifth in the U.S. unicorn valuation with a valuation of $23 billion, second only to Airbnb. This year, Stripe’s market value has reached 36 billion.
Speaking of Stripe, you may be a little unfamiliar, but this company has been established for 9 years and has completed multiple rounds of financing during the period. If we use the most popular words, this is actually a company with too much money. Flower company.
We dialed the timeline back a bit to June 24 last year. Stripe co-founder Patrick Collison said on Twitter, “This weekend our user engagement data has reached the set goal!”
Suhail Doshi, the founder of Mixpanel, quickly commented: This is a way to increase user retention. Throwing a stalk one by one, which is also in line with the usual style of these two people.
After all, their online payment solutions have taken a strange route. The Collison brothers did not spend 1,000 hours to provide each customer with a cumbersome payment solution. Instead, they wrote 7 lines of code for everyone to use. Each developer can call these 7 lines of code on their website. So, they defeated a lot of financial giants with 7 lines of code? ? ? ?
Put away your little question mark first, then, Digest Bacteria will tell you in detail.
They empower developers
Stripe, established in 2010, is essentially a developer community.
“The reason why Stripe is so popular is that it doesn’t post businesses,” said Dmytro Okunyev, founder of Chanty. It serves developers. Stripe provides an alternative to PayPal, and this option is very easy to implement, so developers all over the world tend to use it. “
In 2010, setting up a payment system for an enterprise was an extremely cumbersome process. At the time, most system integrations took weeks or months to deploy. This is a long process involving many departments-from law to accounting.
In most companies, financial integration is a top-down decision, and those who make the decision often know little about the challenges in the process of technology integration. They will set goals and complete deadlines on their own terms, and then leave the responsibility to those developers to complete the impossible tasks.
They make the payment system so simple
Banks, credit card companies, and regulatory agencies are all regulatory organizations in the payment industry. You need to get approval from all relevant agencies before your bank account is legal.
“Over the years, the explosive growth of e-commerce has surpassed the development of basic technology; a company that wants to open a store must deal with banking, payment processing, and the “gateway” that handles the connection between the two. This process requires at least a few Week, there are all kinds of expenses. — “Bloomberg Business Week” Ashley Vance
Stripe changed everything. The Collison brothers spent two years testing their platform and building relationships with credit card companies, banks, and regulators . John and Patrick spent countless hours introducing their products to the authorities and building enough trust to cooperate with them. Therefore, users only need to upload a few documents to establish their Stripe account.
Even Mike Moritz, one of Paypal’s first investors, believes that before Stripe, setting up a payment system for companies was too complicated : “It is an indisputable fact that it is too difficult to accept payments.”
Stripe = genius + humility
There is no doubt that the Collison brothers are very smart. Patrick dropped out of high school to join the Massachusetts Institute of Technology (MIT) at the age of 16, but dropped out a year later in order to finance his first startup, Shuppa. He soon sold the startup to Auctomatic for $5 million.
Tim Ferriss interviewed Patrick, and he said that Patrick is probably the most radical reader he has ever met-this sentence comes from a man who has seen countless smart people, and it is enough to show its weight. Derek Anderson, the founder of the startup Grind, once publicly called Collison a genius.
However, genius alone cannot make Patrick what he is today. Collisons was born in a small town in Ireland. The local people’s humble, problem-solving, and product-first culture has made them a huge success.
Moritz said: “They have an advantage. When they first came to California, they were not affected by the bad atmosphere in Silicon Valley.” Moritz is a partner of Sequoia Capital and a member of the Stripe board. “They are more humble and more comprehensive.” Obviously, people with excellent qualities are more likely to succeed.
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