Stripe's 2025 annual letter

About this letter

Patrick and John Collison write an annual letter to what they call the Stripe community, and this edition, dated February 2026, reviews 2025. They report that Stripe remained robustly profitable, shipped more than 350 product updates and bought two companies, Privy, which provides programmable wallets, and Metronome, which handles usage-based billing. Its services by then reached more than five million businesses, directly or through platforms.

The letter is part annual review and part essay on the internet economy. Beyond what is happening to new companies on Stripe, it discusses why internet businesses now sell globally from launch, the rise of stablecoin payments even as crypto prices fell, and Tempo, a blockchain for payments that Stripe unveiled in September. It also examines how bank rules since the financial crisis have narrowed small firms' access to credit, criticises regulatory barriers to new ventures, and ends with reflections on AI and an invitation to Stripe Sessions in April.

What to notice

1. 1

   Businesses on Stripe processed $1.9 trillion in 2025, up 34% and roughly 1.6% of global GDP.