Europe

Collison brothers online firm worth $100m

A technology company founded by two Irish brothers has been valued at $100m (£63.3m) after one of Silicon Valley's biggest investors took a stake in it.

Sequoia Capital was among investors who have put $18m (£11.3m) in Stripe, according to the Bloomberg news agency.

Stripe, which is an online payments firm, was founded by John and Patrick Collison from Limerick.

In 2008 they sold their first firm, Auctomatic, for 3m euros.

At that time Patrick was just 19 and John was 17.

For such an early-stage company, Stripe's $100m valuation is "off the charts, statistically," Michael J. Patrick, a lawyer at Fenwick & West LLP who works with start-ups, told Bloomberg.

"There must be something red hot here for Sequoia to invest at that valuation. This isn't naïve money," he added.

Stripe aims to make it easier for small businesses to securely process credit card payments.