Stripe, the payments company valued at $70 billion, has laid off 300 employees—about 3.5% of its workforce—primarily from its product, engineering, and operations teams.
Despite the reductions, the company expects to grow its headcount by 17% by year-end, reaching 10,000 employees, according to an internal memo from Chief People Officer Rob McIntosh.
Business Insider initially reported the layoffs, later confirmed by Stripe.
In an unexpected twist, some employees received emails with incorrect termination dates and a mistakenly attached PDF featuring a cartoon duck labeled “US-Non-California Duck.”
McIntosh later apologized in a follow-up email, addressing the “notification error” and ensuring “corrected and full notifications have since been sent to all impacted Stripes.”
This is not Stripe’s first workforce adjustment.
In 2022, the company cut approximately 1,100 jobs—14% of its workforce—aligning with industry-wide trends as rising inflation and interest rates forced businesses to prioritize profitability.
Stripe’s valuation dropped from a peak of $95 billion in 2021 to $50 billion in 2023 before recovering to $70 billion during a secondary share sale.
The company continues to expand its reach, acquiring crypto startup Bridge Network for $1.1 billion in October 2023 to facilitate digital currency transactions for businesses.
Despite the cuts, total payment volume surpassed $1 trillion last year, reflecting its dominance in the fintech industry.
Brothers Patrick and John Collison, who founded Stripe in 2010, have kept the company private, with no plans for an IPO in the near future.
Their approach highlights a deliberate balance between growth and adaptability in an evolving market.
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