Stripe, a leading figure in Fintech, announced job cuts affecting 300 staff this week, as revealed by a confidential memo uncovered by Business Insider. Those impacted mainly embody product, engineering, and operations roles.
Despite this reduction, Rob McIntosh, the Chief People Officer, noted that the company is still on track to escalate its workforce by 17% by year-end, resulting in a total of around 10,000 employees. This simple arithmetic projects Stripe’s current workforce to be around 8,550.
The cuts are the result of strategic repositioning with McIntosh explaining that the company needed “the right people in the right roles and locations” to reach its objectives. This layoff comes on the heels of another in November 2022, where Stripe reduced its workforce by 14%.
While rumors about a public offering continue to circulate, Stripe has instead opted to bring in more funding and tenders for employee liquidity. Its valuation stood at $70 billion in July.
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