Revenues for Stripe's Irish division escalate by 34%, reaching $5.12 billion.
Stripe Records Significant Growth in 2024
Stripe Payments International Holdings Ltd, an Irish-American technology group led by co-founders Patrick and John Collison, has reported a remarkable year of growth. The Dublin-based unit of the global payment processing company recorded $5.12 billion in sales for the year, marking a 34% increase from the previous year.
The principal activity of the Dublin unit is holding equity stakes in group subsidiaries. The staff count at this unit increased by a quarter to 2,208 people in 2024. Despite the growth, staff costs for the unit saw a 21% decrease from the previous year, with the cost of wages and salaries amounting to $299.84 million, resulting in an average salary of $135,800.
The business moved from a $1.2 billion loss before tax in 2023 to a profit of $101.9 million in the following year. The Dublin unit incurred a corporation tax charge of $29.52 million in 2024, resulting in a net profit of $72.3 million. This profit accounted for combined non-cash depreciation and amortization costs of $36.9 million and foreign exchange losses of $41.4 million.
The growth was attributed to an increase in user adoption in existing markets, long-standing investments in machine learning and artificial intelligence by the Collison brothers, and new or expanded partnerships with companies like Nvidia, Hertz, Best Buy, URBN, and Accor.
Turnover and the associated cost of sales have increased due to growth in business from existing users and an increase in user adoption in existing markets. The accounts state that directors had not recommended the payment of any dividend for the year, but subsequently sanctioned a $9 million dividend to its parent, Stripe Laboratories Inc, in June this year.
In their annual letter for 2024, the Collison brothers stated that the investments in machine learning and artificial intelligence increased revenue for existing customers and encouraged more businesses to switch to Stripe. They also mentioned that these investments helped new companies reach significant scale quickly.
Globally, Stripe processed transactions totaling $1.4 trillion in payment volume in 2024, a 38% increase from the previous year. The Dublin unit added $1.3 billion to these revenues last year.
As the holding company for Stripe sales in the European Middle East and Africa (EMEA) region and the Asia Pacific (APAC) region, the Dublin unit continues to play a crucial role in Stripe's global growth. The Collison brothers stated that Stripe was profitable in 2024 and expect the company to remain profitable in 2025 and beyond.
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