The payments giant Online Stripe is still in no rush to go public, co-founder John Collison told CNBC the company is happy to stay private for now.
"We're very happy as a private company ", Declare Collison, speaking in an interview with CNBC's Hadley Gamble at the Fintech Abu Dhabi Festival.
"Part of our patience is how we feel like we are very early in Stripe's journey. "
Collison's comments come after a The "Bloomberg Report indicated that Stripe was in talks with investment banks to go public as early as next year.
Collison said that the company planned to expand into the Persian Gulf., which includes countries like the United Arab Emirates, Qatar and Saudi Arabia. Stripe already has customers from Deliveroo, a food delivery company of 7.5 billion dollars, to a small sportswear brand called Squatwolf, which uses it to process payments in the region, he added.
"We launched here in the Emirates United Arabs in June onlyand we "I've seen this massive surge," said Collison, who is currently the president of Stripe.
"It's a massive region that's just starting to grow. bend in terms of its own growth ", he added. "Looks like we are very early in this adventure, we are still investing heavily.
Stripe probably won't be looking for an IPO in the immediate future, Collison said.
This isn't the first time Stripe has poured cold water when talking about a debut on the stock market. The fintech company was last valued at $ 95 billion, making it more than Uber before the company's first public offering carpooling.
Founded by Irish brothers Patrick and John Collison in 2009 , Stripe has gone from being a technology start-up to that of a payment centernt processing billions of dollars in transactions each year for Amazon , Google and Deliveroo .
The company's main competitors include PayPal , Square , Adyen and Checkout.com .
Stripe expands increasingly to others also in the areas of finance, including lending and tax management. However, the company has firmly ruled out the idea of becoming a full-fledged bank, a move that would ultimately lead to regulatory oversight and further development.s increased costs.
Another space that Stripe has started to settle in more recently is cryptocurrency. The company recently announced that it has established a dedicated crypto team and "Web3 " a tech buzzword that refers to a new decentralized version of the Internet.
Collison said there are a number of innovations. emerging in the crypto market that have caught his attention, from solana - a competitor of ethereum, the world's second largest digital currency - to "layer 2 " blockchain systems like bitcoin's Lightning network which are designed to speed up transactions and process them cheaply.
Stripe previously accepted bitcoin payments, but discontinued cryptocurrency support in 2018, citing price volatility and a inefficient when it comes to large-scale transactions.
"ItThere has been a lot of development lately with the aim of improving cryptocurrencies and, in particular, a scalable and acceptable cost as a method of payment "said Collison.
Asked If Stripe may resume accepting crypto payments in the future, the company co-founder said it was "not unlikely " he would.