Irish Life has selected Stripe as its payments provider for its Smart Invest app, facilitating once-off and top-up payments by users within the app.
The insurer recently launched the Smart Invest digital platform to enable customers to make and track the performance of their investments over time. The app also gives users access to funds that invest more in companies trying to tackle climate change.
Shane Carroll, digital product lead at Irish Life, said: “Our partnership with Stripe helps give our customers a world class payment experience with a wide variety of payment methods including card payments and digital wallet integration.
“This will help us to further enhance our market leading customer experience for our Smart Invest app, and to continue to grow our business.”
Stripe will facilitate one-off investments as well as regular payments with its Stripe Payments and Stripe Billing platforms while securely storing the payment details of Irish Life’s Smart Invest customers.
In Association with
Irish Life will use Stripe Radar to detect and prevent fraud using machine learning, and Stripe Connect for client fund segregation.
Eileen O’Mara, global head of sales at Stripe, said: “We’re proud to be partnering with Irish Life on Smart Invest and help them enhance both their user experience and their operational efficiency.
“In the current macroeconomic climate, we are more focused than ever on helping Ireland’s leading businesses to increase their revenue and innovate faster.”
Stripe is used by tens of thousands of Irish businesses, including tech unicorns such as Flipdish and Wayflyer and heritage brands like Foxford and McNutt of Donegal.
Irish Life Group, owned by Canada Life, reported a profit of €335m last year, up from €87m in 2020, with the vast €315m accounted for by Irish Life Assurance. The group has c.1.4m customers and around 3,400 employees.
Stripe, founded by Limerick brothers John and Patrick Collison, processed payments of c.$640bn in 2021, an increase of 60% year-on-year, while adding around 1,500 new clients per day.
Despite its rapid growth, the San Francisco-based firm cut the internal value of its shares by 28% in July, having previously been valued at $95bn.
(Pic: Stripe)
