Stripe will lay off 300 employees, but assures that it intends to hire in 2025.
The important financial technology company Stripe will lay off 300 employees on Tuesday, according to a leaked memo.
Stripe, the renowned fintech company, has decided to lay off 300 employees, according to a leaked internal document. The cut will mainly affect the product, engineering, and operations areas. Despite this situation, Chief People Officer Rob McIntosh stated that the company plans to increase its workforce by 17%, reaching approximately 10,000 employees by the end of this year. Stripe currently has an estimated 8,550 workers.
McIntosh explained that the layoffs are due to the need to make changes at the team level, ensuring that Stripe has “the right people in the right roles and locations” to carry out its strategies. This is not the first staff reduction in the company; in November 2022, Stripe laid off 14% of its workforce, translating to approximately 1,120 employees from its then workforce of 8,000.
There has long been speculation that Stripe could go public with its offering, but instead, the company has continued to raise funds and make buyback offers to provide liquidity to its employees. Last July, Stripe's valuation was at $70 billion.
