Patrick Collison Net Worth

**Patrick Collison Net Worth and Career Journey**

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Table of Contents

What Is Patrick Collison’s Net Worth?

Patrick Collison, an Irish American businessman and entrepreneur, has amassed an impressive net worth of $5 billion. His wealth is mainly attributed to co-founding and leading the company Stripe alongside his brother, John Collison. This article delves into the highlights of his life, exploring his early beginnings, career journey, personal life, and the components of his remarkable net worth.

Highlights

– Patrick Collison’s net worth stands at $5 billion.
– Co-founded and currently serves as the CEO of the highly successful online payment company Stripe.
– His entrepreneurial journey began with the founding of Shuppa, which later merged with Auctomatic.
– In 2010, he and John founded Stripe, which quickly gained global recognition and popularity.
– Collison is a recipient of various prestigious awards, including the Young Scientist and Technology Exhibition in 2005 and BT Young Scientist of the Year.
– With his brother John, he became the youngest self-made billionaires in the world.
– Co-founded Fast Grants, a funding initiative dedicated to supporting scientists working on COVID-19 related projects.

Early Life

Patrick Collison was born on September 9, 1988, in the town of Dromineer, County Tipperary, Ireland. His parents, Denis Collison and Lily Collison, nurtured his passion for learning from a young age. Patrick showed an early affinity for technology and programming, taking a computer course at the University of Limerick at the tender age of 8 and delving into computer programming by the time he turned 10. He attended Gaelscoil Aonach Urmhumhan and later enrolled at Castletroy College. However, he dropped out of the Massachusetts Institute of Technology in 2009 to pursue his entrepreneurial endeavors fully.

Career

Patrick Collison’s impressive career journey began with his participation in the Young Scientist and Technology Exhibition in 2004 and 2005, where he showcased his talent and innovative thinking. In collaboration with his brother John, Patrick founded the software company Shuppa in Limerick in 2007. Unfortunately, the company faced funding difficulties until they received interest from Y Combinator in Silicon Valley. This opportunity led the Collison brothers to merge with Oxford graduates Kulveer and Harjeet Taggar, forming Auctomatic.

The young entrepreneurs’ ingenuity paid off when, in March 2008, Live Current Media, a Canadian company, acquired Auctomatic for $5 million. Patrick became Live Current Media’s director of engineering in Vancouver following the acquisition. However, they were destined for greater success. In 2010, Patrick and John embarked on their most significant venture to date – the co-founding of the online payment company Stripe.

Stripe quickly gained traction and saw remarkable growth. Investments from industry giants, including PayPal co-founders Peter Thiel and Elon Musk, as well as venture capital firms Andreessen Horowitz, Sequoia Capital, and SV Angel, propelled the company’s valuation to $5 billion in October 2015. The Collison brothers became self-made billionaires, captivating the world with their entrepreneurial prowess.

Over the years, Stripe’s valuation continued to rise, reaching astonishing heights. In September 2019, it was reported that the company had raised $250 million, valuing it at $35 billion. Patrick and John retain control of the company and are poised to maintain their influence even if Stripe goes public.

Additionally, Patrick Collison is recognized for his philanthropic efforts. In 2020, he co-founded Fast Grants, which aims to provide funding to scientists working on COVID-19 related projects.

Personal Life

In April 2022, Patrick Collison married Silvana Konermann, a Swiss-American biochemist. The couple initially met at the EU Young Scientist competition in 2004, where Silvana emerged as the winner. They share a deep passion for science and co-founded the Arc Institute, a nonprofit research organization focused on fostering scientific progress through innovative models.

Patrick Collison is known for his avid reading habits and curiosity about diverse subjects such as art, history, philosophy, and technology.

Net Worth Over Time

Patrick Collison’s net worth has experienced a remarkable growth trajectory over the years. As the co-founder and CEO of Stripe, his entrepreneurial endeavors have played a vital role in his wealth accumulation. Starting with the sale of Auctomatic in 2008, which made the Collison brothers millionaires before the age of 20, their subsequent venture Stripe revolutionized the online payment industry. With each round of funding and the company’s continuous success, their net worth soared. In September 2019, they established themselves as the “richest self-made Irish billionaires” with a valuation of $35 billion for Stripe.

Components of Net Worth

Patrick Collison’s impressive net worth of $5 billion comprises the significant wealth generated through his ownership in Stripe. The company’s valuation and continuous growth have contributed greatly to his financial success. As a controlling shareholder, his stake in Stripe’s ownership allows him to retain control and influence if the company ever goes public. Furthermore, Patrick’s entrepreneurial acumen and notable achievements have opened various avenues for investment and philanthropic endeavors, enhancing his overall net worth.

In conclusion, Patrick Collison’s entrepreneurial journey and leadership in Stripe have propelled him to incredible heights of success, resulting in a net worth of $5 billion. His dedication, innovation, and passion for technology have not only positioned him amongst the wealthiest individuals globally but have also made him a recognized figure in the business world and beyond.

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Note: The information provided in this article is based on public sources and estimations.

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