Stripe will add over 1,000 more jobs in Ireland over the next 5 years
The Ireland Strategic Investment Fund, managed by the National Treasury Management Agency (NTMA), has invested €42m ($50m) in global payments technology company Stripe, founded by Irish entrepreneurs Patrick and John Collison.
Ireland’s Sovereign Development Fund is one of the primary investors in Stripe’s latest fundraising round, which was announced today. This fundraising, which was heavily oversubscribed with new and existing investors, raises €500m for the company’s growth plans and places a valuation of €80 billion on the company.
Ireland’s €8.6 billion Sovereign Development Fund is making this investment in Stripe consistent with its unique “double bottom line” mandate of investing for a commercial return and economic impact for Ireland.
The deal is designed to strengthen and cement the relationship between Ireland and Stripe. This will not only bring immediate economic impact for Ireland but create future opportunities to explore new and exciting ways to work together to support the company’s extraordinary growth and create long term value for Ireland in the years ahead.
As part of the investment, Stripe and ISIF will invest jointly in the following areas:
1) Deepening Stripe's roots in Ireland. Stripe will add over a thousand more jobs in Ireland over the next five years
2) Supporting more than 10,000 Irish businesses to expand into new global markets over the next five years
3) Investing in Carbon Removal technology in Ireland and Europe
4) Advising on the development of Ireland’s technology sector
Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD said:
“This is fantastic news on the jobs front and the start of a really welcome partnership between the Irish state and Stripe. Over 1,000 new jobs will be created over the next 5 years. These are really good, well-paid, professional jobs and will be a real boost to the economy. I wish Stripe the very best with its plans”.
The Minister for Finance, Paschal Donohoe TD, said:
“I welcome this announcement by Stripe and the NTMA through the Ireland Strategic Investment Fund’s investment in its fundraising round. This signals exciting new plans for Ireland, for job creation and for the future growth of so many more companies. Through the NTMA we are investing in a way that delivers a brighter economic future for our country, and that means brighter days ahead for our people. Stripe has been a huge success story in recent years and continues to grow and develop. This investment is timely and significant. I wish Stripe every continued success in their future endeavours here”.
NTMA Chief Executive Conor O’Kelly said:
“This is the start of a partnership with one of the most successful next generation companies in the world, as Stripe announces to the world today how important Ireland will be to its future. Stripe is already embedded in the infrastructure behind the largest secular trend of our time - the acceleration of digitisation and the growth of internet commerce. We are proud to join Stripe, a world-leading company with Irish roots and an Irish future, as it builds the highways of the internet and seeks, in its own words, to grow the GDP of the Internet”.