Ten years ago, brothers John and Patrick Collison saw the need for better online commerce platforms, removing the manual and monotonous processes otherwise necessary for developers to enable efficient and secure online payments.
They developed Stripe Inc. in 2010, which offers an integrated suite of products and a global payments and treasury network.
“If you think of the global payments and treasury network, or what we call GPTN, it’s meant not only to sidestep all this complexity from a global payment infrastructure perspective, but also to move money easily and without borders. and in a programmable way like we do on the Internet, ”said Zaki Bajwa, (photo), global manager of Partner Solutions Engineers at Stripe.
Bajwa spoke with Lisa Martin and David Nicholson, co-hosts of theCUBE, SiliconANGLE Media’s live streaming studio, during AWS re: Invent. They discussed how Stripe has evolved over the past 10 years, its plans for the future, its partnership with Amazon and more. (* Disclosure below.)
Earn your stripes
The pandemic has accelerated the direct-to-consumer sales model, and Stripe has been able to respond to and process more than 170 billion application programming interface requests in the past 12 months alone. Stripe also excels in uptime performance, averaging 13 seconds or less downtime per month, according to Bajwa.
“Amazon has helped accelerate infrastructure as a service, platform as a service and function as a service. We are helping accelerate fintech as a service, ”Bajwa said. “We believe that every company in every industry aspires to add more and more fintech capabilities to its core services that it offers to its customers. “
Stripe has taken a developer-centric approach, aiming to make it intuitive and natural for developers to rely on their solution. A concrete example comes from one of the company’s biggest customers, Lyft Inc.
“They wanted to create instant payments for their drivers. So we worked with their developers to create an instant payout mechanism. Today, in six months, over 40% of their drivers use Stripe Instant Payout. “
Watch the full video interview below, and be sure to learn more about AWS re: Invent coverage from SiliconANGLE and theCUBE. (* Disclosure: Strip Inc. sponsored this segment of theCUBE. Neither Stripe nor any other sponsor has editorial control over content on theCUBE or SiliconANGLE.)