“ We ’ re not a glamorous business , just an infrastructure company that , hopefully , we ’ ll be able to compound for a long time ”
Shuppa was then merged with the startup of two Oxford graduates , Harjeet and Kulveer Taggar , becoming Auctomatic – a softwareas-a-service platform allowing big sellers on eBay to track inventory and traffic . The quartet also developed an iPhone app to provide an offline version of Wikipedia , before the company was sold to Live Current Media for $ 5mn in March 2008 .
ICK ISON fintechmagazine
A gap in the market Becoming teenage millionaires , Patrick dropped out of the Massachusetts Technology Institution to take on the role of Auctomatic ’ s director of engineering . It was at this point , following the brothers ’ experiences with Auctomatic , that “ the online payments industry was an unusually compelling example of an entire industry that is going to have its lunch eaten ”.
The brothers had already found a gap in the market by finding solutions for big eBay sellers , so in 2010 they did it again with Stripe , simplifying payment acceptance on any app or website without the need for ecommerce operators to obtain licences or strike deals with various banks . Stripe did it all for them , levying a 2.9 % fee in return .
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