Fintech giant Stripe is laying off 300 people, as reported in a leaked memo by Business Insider on Tuesday.
The affected employees, mainly in product, engineering, and operations roles, are part of the layoffs mentioned in the memo. Despite this, Chief People Officer Rob McIntosh stated that Stripe plans to increase its headcount by 17% to reach about 10,000 employees by the end of the year. Currently, Stripe has approximately 8,550 employees.
McIntosh explained that the cuts were necessary due to the need for “several team-level changes to ensure Stripe had the right people in the right roles and locations to execute against its plans.”
In November 2022, Stripe announced a workforce reduction of 14%, affecting around 1,120 employees out of its then 8,000-person workforce.
Despite expectations of going public, Stripe has continued to raise funds and conduct tender offers to provide liquidity to employees. Its valuation was $70 billion as of last July.
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