Stripe to open engineering hub in Singapore

Online payments company Stripe has announced its fourth global engineering hub, with Singapore joining Seattle, Dublin and San Francisco.

The firm, which was established by Limerick brothers John and Patrick Collison, launched in Singapore in 2016.

The Singapore hub will work on new products, expanding the footprint of Stripe’s existing global payments and treasury network, and develop the platform’s underlying infrastructure.

"In the years ahead, we plan to hire hundreds of people to help us expand our infrastructure, build completely new products, and ensure that Stripe's product suite works just as well in Southeast Asia as it does in Europe and North America, " said Piruze Sabuncu, Stripe's head of Southeast Asia and Hong Kong, wrote in a blog post for the firm.

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Internet economy

“More than 200 million Southeast Asians will come online in the next two years, and the region’s vibrant internet economy – growing to more than $200 billion by 2025 – comprises more than 7,000 high-growth start-ups. We think that this is just the beginning, and that the region will see vast innovation in the years ahead.”

The company works with companies including Grab, Mobike, and Carousell in the region.

Stripe was set up in 2010 and now employs more than 1,000 people globally, handling billions of dollars in transactions each year. The company’s most recent valuation put it at $20 billion (€17 billion), following a $245 million (210 million) funding round led by Tiger Global.

Chief executive Patrick Collison said the company would use the new funds to accelerate its international growth, particularly in Asia.