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In 2014, tasked with replacing a payment stack at a Paris-based startup, I found it surprisingly hard to evaluate payment processors due to unclear info and technical challenges. We eventually chose Stripe, even though it was brand new in Europe, thanks to its clear pricing, easy developer adoption, and straightforward documentation. Despite initial skepticism, Stripe is now a highly respected brand in tech and beyond. The key question now is how much of the financial stack Stripe will dominate going forward. Here’s a brief look at the key ingredients behind an outlier’s success.
I’m not a fan of “overnight success stories” because they overlook the hard work, resilience, and persistence involved. Stripe worked tirelessly to build a complete product, overcome trust issues, and navigate regulations—especially challenging when handling money flows.
Stripe was founded in 2010 and definitely rode the e-commerce wave. The same year that Cyber Monday Sales in the US surpassed $1 billion. To give another example, in 2000, only 22% of Americans used a computer or phone to buy something online, whereas 80% of them did it in 2017. Stripe was picked by Shopify, and it definitely grew with the winners they were picking as customers. Although it seems to be obvious in hindsight (like all things in entrepreneurship), picking the right wave (powerful enough) at the right moment (before it becomes obvious), and matching its speed by paddling hard enough (ok I’ll stop the surf metaphors here) is a skill.
