Decoder with Nilay Patel Recode Decode: Patrick Collison, CEO, Stripe
May 15, 2017
Strip CEO Patrick Collison discusses the evolution of his company from a service for small startups to a global payments platform. He talks about hiring a new security head, the safety of our data with tech companies, and the threats to Silicon Valley's innovation. Collison also explores the challenges of catering to teenagers, the growth and future plans of Stripe, and the importance of culture and ethics in startups.
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Developer-Friendly Payments Became Infrastructure
- Stripe began by simplifying payments for developers because existing payment systems were fragmented and slow to integrate.
- That focus on developer-friendly infrastructure evolved into a broader global platform for moving money online.
From '/dev/payments' To Stripe
- Patrick and John originally named the company "/dev/payments" and almost incorporated with a slash in the name.
- They switched to 'Stripe' because it was simple, one-syllable, and the domain was available.
Customer Problems Lead Product Expansion
- Stripe's product set expanded because customers' needs revealed adjacent problems to solve, like identity and payouts.
- Building APIs led Stripe from a simple checkout product to a multi-country revenue platform.