Losses at Stripe Europe, an arm of the global payments giant founded by the Collison brothers from Limerick, ballooned from $26.7 million (€25 million) in 2021 to $209.9 million (€198 million) last year, its latest accounts show.
The fintech company said group turnover increased by $597.4 million during the financial year from $2.3 billion in 2021, to $2.9 billion in 2022. However, group cost of sales rose by $534 million from $1.8 billion in 2021 to $2.4 billion in 2022.
Group administrative expenses also increased, climbing from $475.4 million in 2021 to $721.4 million last year.
The rise in both turnover and the cost of sales was put down to growth in business from existing users, expansion into new markets, launching new products in the region and an increase in user adoption in existing markets.
The great Guinness shortage has lessons for Diageo
Ireland has won the corporation tax game for now, but will that last?
Corkman leading €11bn development of Battersea Power Station in London: ‘We’ve created a place to live, work and play’
Elf doors, carriage rides and boat cruises: Christmas in Ireland’s five-star hotels
The increase in the cost of sales was also said to be driven by an increase in research and development costs. The group carries out “significant research and development activities”, it said in a note attached to the accounts.
Administrative expenses increased as a result of “growth in business and the continued increase in headcount throughout the region”, it added.
Separately, pretax profits at the UK arm of Stripe increased more than fivefold to £14.56 million (€16.76 million) last year. Accounts filed in recent days show pretax profits rose after revenues increased by 42 per cent.
Accounts filed this week also show Stripe Payments International Holdings, another arm of the company, enjoyed a $597.4 million increase in revenue last year, which amounts to a rise of 26.5 per cent from $2.25 billion to a record $2.8.
However, expansion and staff costs rose by $130 million in the period, and pretax losses increased over eightfold from $22.1 million to $189.5 million.
Cost of sales increased from $1.8 billion to $2.3 billion, which the directors said was driven by research and development costs.
