- Stripe launches Stripe Atlas to help entrepreneurs start a global business from anywhere
FEBRUARY 24, 2016 (BARCELONA, SPAIN) -- Today Stripe announced Stripe Atlas, a new product designed to give entrepreneurs everywhere access to the basic building blocks for starting a global internet business. In a few clicks, Atlas entrepreneurs can gain access to:
- an incorporated U.S. business entity
- a U.S. bank account
- a Stripe account to receive payments from anywhere in the world
- basic services they'll need to get started; including tax advice from PwC, legal advice from Orrick, Herrington & Sutcliffe, and tools from Amazon Web Services (including $15,000 in AWS credits).
Atlas shortens the process from months into days -- and will cost a fraction of the previous price.
“The promise of the internet is that geography should be largely irrelevant. But that's not yet true: the majority of the world's population lives in a country where they don't have access to high-quality banking or payments infrastructure,” said Patrick Collison, CEO of Stripe. “There's a lot of latent potential in places like Africa, Latin America, Asia, and the Middle East -- places where developers and entrepreneurs simply aren’t on a level playing field with people in more developed economies.”
The process of incorporating in a foreign country is, at best, byzantine; at worst, it’s elitist and exclusionary. Stripe Atlas gives entrepreneurs around the world a way to access robust business and banking infrastructure emblematic of a global business hub. The U.S. is one of those hubs. Incorporating in Delaware, for example, allows companies to easily issue stock to employees, raise money from global investors, and provides the stability of clear corporate rules and case law. In addition, many more business services (including Stripe) are available in the U.S. than in smaller countries or emerging economies.
Stripe Atlas offers U.S. incorporation to start, but over time Stripe will expand the program to a handful of other countries around the world that also give entrepreneurs access to great tools and global banking infrastructure.
Before Atlas, entrepreneurs who wanted to establish a U.S. business had to (1) know that they could incorporate a U.S. entity in the first place, which many didn’t; (2) fly to the U.S. once or twice to attend meetings in person and file paperwork; (3) hire lawyers to help draw up documents and navigate bureaucracy; and (4) take care of other business needs manually, such as calling the IRS for a tax number, obtaining a U.S. bank account, and setting up a Stripe account. All told, this typically costs an entrepreneur months and thousands of dollars.
To help entrepreneurs get started on the right footing, Stripe is partnering with leading financial, legal and professional services firms. Our launch partners include Silicon Valley Bank, providing each newly-established business with a U.S. bank account; PwC, offering entrepreneurs educational materials & tax guidance, as well as the chance to talk with a PwC expert for free; Orrick, an international law firm providing legal guidance; and Amazon, providing the tools and infrastructure needed to scale and grow a business of any size (including $15,000 in AWS credits to get started).
Stripe has also assembled a world-class advisory board, including:
- Lawrence Summers: 71st Secretary of the Treasury of the United States
- Fadi Ghandour: Founder and Vice Chairman of Aramex and Executive Chairman of Wamda Capital, a VC fund focused on technology investments in the Arab World
- Neal Wolin: Former Deputy Assistant to the President and Deputy Counsel to the President for Economic Policy (Obama Administration)
- Linda Rottenberg: Co-founder and CEO of Endeavor, a non-profit organization that pioneered high-impact entrepreneurship in South America
- Ben Lawsky: Former Superintendent of Financial Services, State of New York
Stripe Atlas is launching today in private beta. For now, this means entrepreneurs will need an invitation from Stripe or one of our 60 incubator, accelerator and investor partners around the world. Beta pricing is $500, which will be waived for the first 100 Atlas entrepreneurs. This price includes around $400 of fees that anyone incorporating a Delaware entity would have to pay.
“Our hope is that by reducing the barriers to starting an online business, some of those businesses will go on to become hugely impactful, transformative companies in their own right,” said Patrick Collison.
Stripe is a technology platform that developers use to build internet businesses. Thousands of businesses -- ranging from startups to Fortune 500 companies -- rely on Stripe’s software tools to accept payments, expand globally, and create new revenue streams. Stripe has been at the forefront of expanding internet commerce, powering new business models, and supporting the latest platforms, from marketplaces to social commerce. Stripe users include Twitter, Kickstarter, Shopify, Salesforce, Lyft, and many more.
Stripe was founded in 2010 by John and Patrick Collison, who set out to fix a critical problem: how online businesses could quickly and easily accept payments from anyone, anywhere in the world. Today, merchants in 24 countries can use Stripe to accept payments in 130+ currencies, as well as Apple Pay, Android Pay, Alipay and Bitcoin. By reducing the barriers to starting and operating a business regardless of location or means, Stripe aims to bring more would-be companies online and accelerate the internet economy.
Stripe has received around $300 million in funding to date from investors including Sequoia Capital, Kleiner Perkins Caufield & Byers, Visa, American Express, and PayPal founders Peter Thiel, Max Levchin, and Elon Musk.
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