Daily Management Review

26-year-old Irishman becomes the youngest billionaire in the world


03/23/2017


Evan Spiegel officially lost the status of the youngest billionaire in the world. His place was taken by Irishman John Collison, co-founder of e-payment service Stripe.



TechCrunch via flickr
TechCrunch via flickr
Now, according to Forbes, he is the youngest member of the club of billionaires. The 26-year-old Collison is two months younger than Spiegel. Forbes estimates his fortune at $ 1.1 billion (for comparison, Spiegel's capital is four times higher - $ 4.3 billion).

In November last year, Stripe start-up, founded by Collison, raised $ 150 million in the next round of financing. This increased the company's market value to $ 9.2 billion, and made him a billionaire. "This deal turned Collison into the youngest billionaire in the world who earned his fortune on his own," Forbes reports.

His Collison’s brother Patrick works together with him. As a child, they often competed in writing the best codes, says Forbes. As teenagers, the brothers founded a startup called Auctomatic. It was sold in 2008 for $ 5 million, good money for start-up entrepreneurs. Three years later Collinsons founded a new startup - Stripe.

Having seen the potential of mobile commerce, the brothers created a payment system that allows you to pay for purchases using a smartphone. Later popularity of Stripe grew so much that young the entrepreneurs were noticed by giants such as Twitter and Pinterest. "You do not need to develop something from scratch. Stripe offers a ready and convenient infrastructure, adapting to your needs," Collison said about his company.  

source: forbes.com






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