Staff at Stripe’s UK arm earned €200,000 on average

Payments company shifted processing to Irish unit late in 2020 due to Brexit

Stripe founders John and Patrick Collison: group is  worth $95 billion, making it one of the most valuable privately owned companies in the world.

Stripe founders John and Patrick Collison: group is worth $95 billion, making it one of the most valuable privately owned companies in the world.

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Staff working at Stripe’s British subsidiary earned an average £182,000 (€211,970) in 2019, a year in which turnover at the unit more than doubled.

Stripe Payments UK Limited recorded a £110 million rise in revenues from 2018 to £184.5 million in 2019.

The online payments company shifted payment processing for the majority of the group’s European customers away from the UK business to its Irish-regulated entity late last year due to Brexit.

Stripe, which was founded by Irish brothers Patrick and John Collison in 2010, on Sunday announced plans to create over 1,000 jobs locally after raising a further $600 million from backers that include the Irish State.

Worth $95bn

The group is now worth $95 billion, making it one of the most valuable privately owned companies in the world.

Stripe secured an e-money licence from the Central Bank of Ireland in 2019 to enable it to continue to process payments for users across Europe regardless of the outcome of Brexit negotiations.

The UK unit reported a £601,402 profit that year, down from £1.04 million in 2018. It employed 38 people with staff costs, including wages and salaries, totalling £6.9 million.

Dublin-based parent

The accounts state that the UK subsidiary received a £5.3 million capital contribution from its parent, Dublin-based Stripe Payments Europe, in early 2020.

Stripe does not reveal group turnover figures but documents filed locally in late 2019 show the Dublin-based subsidiary – Stripe Payments International Holdings Ltd – recorded revenues of $528 million (€442.6 million) in 2018, up nearly 80 per cent on the prior year. Pretax losses totalled $20.5 million.

The company employs about 2,500 people globally, including 300 in Dublin.