Fintech giant Stripe is laying off 300 people, according to a leaked memo reported Tuesday by Business Insider.
The affected employees are “largely in product, engineering and operations roles,” the memo said. Despite the layoffs, chief human resources officer Rob McIntosh said Stripe intends to further increase its workforce by 17% “to around 10,000” by the end of the year. Doing the math, that means Stripe currently has around 8,550 employees.
McIntosh said the cuts happened because it “became clear that several team-level changes were necessary” to ensure Stripe had “the right people in the right roles and in the right places to execute” its plans.
In November 2022, Stripe announced that it was laying off 14% of its employees, affecting approximately 1,120 of its then 8,000 employees.
The company was long expected to go public, but instead it continued to raise money and launch tender offers to provide liquidity for employees. It was valued at $70 billion last July.
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