More than €20bn in transactions processed by Stripe for Irish businesses
Irish-owned company Stripe, is a payment services provider for businesses online. The company marked its tenth anniversary serving Irish businesses. The data released indicated a rapid growth in the country’s internet economy, showing that Irish businesses have processed more than €20 billion on Stripe.
With almost all Irish counties now growing faster than Dublin, easy access to online financial infrastructure has provided the foundation for rapid growth beyond the capital city. Fastest acceleration is occurring in counties such as Cork, Carlow, and Galway. In Wexford, more than 1,000 local businesses use Stripe, ranging from vintage stores to virtual dating apps.
Stripe data shows these businesses are prospering, growing their collective online payment volume more than 8x over the last five years.
Financial tools and online platforms have removed the barriers to international trade, making it easy to accept local payment methods, fulfil tax obligations, and comply with overseas regulations. Ireland’s businesses have seized these opportunities: nearly 56% of the payment volume processed by Irish businesses in the last decade came from consumers and businesses in foreign markets.
Small businesses collected over €500 million in revenue from international customers last year. Early stage startups who pursued an international strategy from the beginning, received 51% of their payment volume from outside Ireland.
In 2022, Irish exports overall went to the US (31%), Germany (12%), the UK (11%), and Belgium (9%). The fastest-growing export markets for Irish businesses in 2022 on Stripe were France (grew 78%), Sweden and Canada (+50%), and Japan (+43%).
During the pandemic only 22% of goods and services were ordered online. Businesses in health, education, and other large Irish industries are only just starting to transition to the internet. The country’s small businesses generate four-fifths of their revenue from in-person sales, according to the European Commission.
Technology that helps businesses operate online will soon permeate the Irish economy, encouraging growth for more traditional industries. Every value chain will be redesigned around the internet, with new innovations from artificial intelligence to fintech regulation.
John Collison, co founder, president of Stripe, said: “Thinking back to when we launched Stripe, Ireland’s tech scene is like night and day. Tech founders would find it impossibly difficult to raise money and compete for talent, and small businesses simply didn’t have the tools to operate online. Nowadays, Ireland produces software companies at industrial scale, and the internet economy is everywhere. With new talent coming through courses like the University of Limerick’s Immersive Software Engineering and accelerators like NDRC, I’m excited to see what Irish founders build next.”