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Stripe launches multi currency online payment service for UK businesses

Stripe has finally launched in the UK with their new online payment service allowing UK businesses to accept card payments on websites and through mobile apps.

The move marks Stripe’s first move into the European market and businesses that sign up are able to accept all major card types as well as easily take payment in US dollars and Euros as well as pounds.

“From day one, we’ve considered Stripe as a global product. The very first lines of code that we wrote included a currency function, so it would be international. The amazing thing about the internet is that it connects everyone, everywhere – geography ceases to be relevant. We take that for granted,” co-founder John Collison told Tech City News.

John and brother Patrick founded the firm back in 2010 in the US in order to simplify the process of accepting card payments online. Over time Stripe has received approximately $40 million in funds from Silicon Valley investors that include PayPal founder Elon Musk and Peter Thiel, Andreessen Horowitz, SV Angel, Sequoia Capital, and General Catalyst, among others.

Pricing for the UK service starts at 2.4 per cent plus 20p per transaction with VAT also added. If successful, the plan is to roll the service out across Europe in the coming months.

“London is just a hub for the European market. It was clear in our minds that we would expand into the UK first. It’s just easier to set up here and, for hiring, London has a deep talent pool,” Collison added.

Stripe’s UK office current consists of four employees with more workers expected to be take on to focus on technical support as well as engineers and evangelists.

The online payment service has already seen a handful of UK firms sign up including Virgin Pure and with partnerships also agreed with Kashflow and FreeAgent.

Virgin Pure interim CEO Joe Cohen had high praise for the service, commenting that having complete control over their checkout experience had seen sales “doubling and even tripling by the day” as a result of switching to Stripe.

Image Credit: Stripe