Stripped-envelope stars (SESs) form in binary systems after losing mass through Roche-lobe overflow. They bear astrophysical significance as sources of UV and ionizing radiation in older stellar populations and, if sufficiently massive, as stripped supernova progenitors. Binary evolutionary models predict them to be common, but only a handful of subdwarfs (i.e., SESs) with B-type companions are known. This could be the result of observational biases hindering detection, or an incorrect understanding of binary evolution. We reanalyze the well-studied post-interaction binary phi Persei. Recently, new data improved the orbital solution of the system, which contains a ~1.2 Msun SES and a rapidly rotating ~9.6 Msun Be star. We compare with an extensive grid of evolutionary models using a Bayesian approach and find initial masses of the progenitor of 7.2+/-0.4 Msun for the SES and 3.8+/-0.4 Msun for the Be star. The system must have evolved through near-conservative mass transfer. These findings are consistent with earlier studies. The age we obtain, 57+/-9 Myr, is in excellent agreement with the age of the alpha Persei cluster. We note that neither star was initially massive enough to produce a core-collapse supernova, but mass exchange pushed the Be star above the mass threshold. We find that the subdwarf is overluminous for its mass by almost an order of magnitude, compared to the expectations for a helium core burning star. We can only reconcile this if the subdwarf is in a late phase of helium shell burning, which lasts only 2-3% of the total lifetime as a subdwarf. This could imply that up to ~50 less evolved, dimmer subdwarfs exist for each system similar to phi Persei. Our findings can be interpreted as a strong indication that a substantial population of SESs indeed exists, but has so far evaded detection because of observational biases and lack of large-scale systematic searches.
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