Stripe has just announced a platform to let startups incorporate more easily in the USA. The platform bears the name Atlas and aims at expanding Stripe’s work with startups to build out its bigger payments business. It will considerably facilitate payment services to online services outside the USA.
Atlas will be free for the first 100 users. For all the rest the price will make up $500 including all fees associated with incorporating a company and opening a business bank account. All payments are priced the same as Stripe’s standard fees of 2.9% + 30 cents per successful charge.
It seems that Atlas is seen as a rational tool in the competition between Stripe and PayPal. The latter has expanded its services from payments for businesses to loans, invoicing and in-store payment options. Keeping up with the development of other payment services is definitely for Stripe’s benefit.
Atlas will help the company to increase its revenues per customer. Besides it will offer a suitable solution for all the startups building out their businesses, especially into the U.S. if they are based outside of the country.
Atlas was presented by Patrick Collison, co-founder and CEO of the company, on stage at MWC in Barcelona. He said: “Atlas will start with U.S. incorporation but will over time provide more hubs so that businesses can incorporate wherever it makes sense for them to register. Startups in these markets can be up and running in a matter of days. They can do things that matter rather than struggling to overcome barriers to entry.”
Collison mentioned that Atlas has already seen “a lot of demand”. The company will work with the whole network of more than sixty accelerators, investors, and partners from around the world to get Atlas in the hands of promising startups. The full list which includes AngelPad, Astro Labs, Golden Gate Ventures and Seedstars can be found here.
The main task of Atlas will be provision of everything international founders need to create a business in the U.S. simply by filling out a web form. Stripe will continue the work by offering each business:
1) An incorporated U.S. business entity
2) A U.S. bank account
3) A live Stripe account to receive payments from anywhere in the world
4) Access to all services they’ll need to get started including tax advice from PwC, legal guidance from leading international law firm Orrick, and $15,000 credit to Amazon Web Services to help scale their newly global business.
Moreover, Stripe has partnered with such finance companies as American Express and third parties as Twitter to develop its business. But Atlas remains to be the first attempt of Stripe to build startup tools beyond payments.
Stripe has become one of the most successful fintech companies with its value reached $5 billion after it got an overall investment of $190 million. The company was established in 2010 by John and Patrick Collison. It allows businesses and private individuals to accept payments via its mobile application.