An online payments company founded by two brothers from Limerick is now worth $3.5bn.

John and Patrick Collison's Stripe has just raised $70m in venture capital funding to boost its value.

The pair set up the San Francisco-based firm in 2010.

Business reporter with newstalk Ian Guider said Stripe's rising value was down to rapid growth and the opportunities it was going to create.

"(Stripe) allows retailers and other merchants to accept online payments," he said. "It's part of Applepay - Stripe is backing it - and will provide the payment buttons on twitter…so you can just imagine the volume of transactions."