Stripe co-founder says high interest rates flushed out Silicon Valley's ‘wackiest' ideas [CNBC]
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Source: CNBC
“Broadly speaking, the effects of higher rates have been quite good,” John Collison, president of the online payments company, told CNBC in an interview at the company's annual conference on Wednesday. “The period where money was free was not a healthy time in Silicon Valley .” Collison founded Stripe with his brother Patrick in 2010. The company took off, becoming a startup darling and racing to a valuation of $95 billion in 2021, making it one world's most valuable venture-backed businesses, behind Elon Musk's SpaceX. Stripe had to take a major haircut along with the rest of the industry as soaring inflation and rising interest rates, starting in 2022, pushed investors out of the riskiest assets, lifted borrowing costs and and forced startups to tighten their belts. Stripe slashed its valuation to $50 billion in a 2023 financing round. Its recent employee tender offer valued the company at closer to $65 billion, the Wall Street Journal reported “Valuations are a product of
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