Dublin’s tech-enabled talent pool, tax incentives, and international outlook are a major draw for global firms.
On Monday, Stripe, a U.S. payments firm, disclosed it would place its first engineering center in Dublin.
The placement marks its first center outside its home market and underscores its strategy of wanting to tap Ireland’s growing tech-enabled workforce.
Stripe helps businesses, including Lyft Inc, a ride-hailing firm and Deliveroo, a food delivery service, to accept online payments; in its latest funding round, it was valued at more than $9 billion.
Incidentally, its co-founders are Irish and Dublin is the home to its European headquarters.
According to Patrick Collison, Stripe’s CEO and David Singleton, its head of engineering, they narrowed down on Dublin because of its growing talent pool and international approach.
“Ireland has had … a consistent approach of being outward looking and globally minded,” said Collison while adding that this aligns well with Stripe’s objectives as a firm.
Although other cities such as Frankfurt, Paris and Amsterdam as a potential challenge to London, Europe’s capital for financial technology, following Brexit, the lack of clarity on Britain’s future outside of the European Union’s market has weighed on Stripe’s choice.
“This decision was certainly not made by Brexit, but certainly when we were evaluating all the different countries across Europe the uncertainty was a factor,” said Collison.
Operating in 25 countries and with 1,000 employees globally, Stripe already has 100 employees in Dublin, although its engineering team have been placed in U.S. so far.
Stripe is headquartered in San Francisco.
The firm’s new engineering centre in Dublin will be within its existing infrastructure in the Irish capital. It plans on hiring a few dozen people in the coming years who will focus on developing the firm’s core payments product.
According to Singleton, in time, Stripe will invest more in the Dublin hub, which it sees as more than just a “back office to Europe”.
“Dublin is our first engineering office outside of North America but over time I think Stripe will continue to become an increasingly global organization,” said Collison.