A Dublin-based unit of online payments group Stripe added $1.3 billion (€1.1 billion) to its revenues last year. New accounts filed by Stripe Payments International Holdings Ltd show sales surged by 34 per cent to a record $5.12 billion.
That allowed the business move from a $1.2 billion loss before tax in 2023 to a profit of $101.9 million.
The business is the holding company for Stripe sales in the European Middle East and Africa (EMEA) region along with the Asia Pacific (APAC) region.
The accounts state that directors had not recommended the payment of any dividend for the year. However, they subsequently sanctioned payment of a $9 million dividend to its parent, Stripe Laboratories Inc, in June this year.
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Revenues were boosted by new or expanded partnerships Stripe announced during the year with some of the world’s most successful companies, including Nvidia, Hertz, Best Buy, URBN and Accor.
The directors describe Stripe as an “Irish-American technology group” and state that “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 principal activity of the Dublin unit is holding equity stakes in group subsidiaries.
The business expanded rapidly in 2024 with staff numbers jumping by a quarter to 2,208 people from 1765 the previous year. However, staff costs fell by 21 per cent to $503.3 million, due mainly to a halving of share-based payments to $161.6 million last year.
The cost of wages and salaries totalled $299.84 million which translates to average salary of $135,800 for 2024.
The unit also incurred a corporation tax charge of $29.52 million resulting in a net profit of $72.3 million.
Globally, Stripe – which is headquartered in San Francisco and Dublin – processed transactions generated $1.4 trillion in total payment volume in 2024, up 38 per cent from the prior year.
In their annual letter for 2024, the Collison brothers, Patrick and John, who founded the business, stated: “We attribute this year’s rapid growth in part to our long-standing investments in building machine learning and artificial intelligence into our products. These bets continue to pay off, increasing revenue for existing customers, encouraging more businesses to switch to Stripe, and helping new companies reach significant scale unprecedentedly quickly.”
On the firm’s financials, the brothers stated: “Stripe was profitable in 2024, and we expect to be so in 2025 and beyond.”
The profit last year takes account of combined non-cash depreciation and amortisation costs of $36.9 million along with a foreign exchange losses of $41.4 million.
