Stripe

Stripe is one of the world's most valuable start-ups and founded by two Limerick brothers.

It added that it underestimated both the likelihood and impact of a broader slowdown. All those that did lose their jobs will receive 14 weeks of severance, and more for those with longer tenure. The job cuts are the consequence of being “much too optimistic about the internet economy’s near-term growth in 2022 and 2023”, the company said.

Online payments giant Stripe is laying off roughly 14% of its staff, CEO Patrick Collison wrote in a memo to staff Thursday.

So, in addition to the headcount changes described above (which will return us to our February headcount of almost 7,000 people), we are firmly reining in all other sources of cost. While the changes today are painful, we feel very good about the prospects for innovative businesses and about Stripe's position in the internet economy. We overhired for the world we're in (more on that below), and it pains us to be unable to deliver the experience that we hoped that those impacted would have at Stripe. (In service of that, we're creating alumni.stripe.com email addresses for everyone departing, and we're going to roll this out to all former employees in the months ahead.) In our view, we made two very consequential mistakes, and we want to highlight them here since they're important: Most importantly, while this is definitely not the separation we would have wanted or imagined when we were making hiring decisions, we want everyone that is leaving to know that we care about you as former colleagues and appreciate everything you've done for Stripe. We have extensive dedicated support lined up for those of you here on visas (you'll receive an email setting up a consultation within a few hours), and we'll be supporting transitions to non-employment visas wherever we can. We're reducing the size of our team by around 14% and saying goodbye to many talented Stripes in the process. However, we do need to match the pace of our investments with the realities around us. We have always taken pride in being a capital efficient business and we think this attribute is important to preserve. [Amazon](/quotes/AMZN/), Google parent [Alphabet](/quotes/GOOGL/) and Facebook owner [Meta](/quotes/META/) have all taken steps to rein in expenses. A Stripe spokesperson was not immediately available to provide the exact number of impacted employees.

Irish founded fintech Stripe is to cut 14 per cent of its staff worldwide as the global downturn continued to hit the tech sector. In an email to staff, ...

In addition to the job cuts, “we are firmly reining in all other sources of cost,” he said. Stripe’s most recent fundraising valued the business at about $95 billion. “We, the founders, made this decision,” Mr Collison said.

The Collison brothers' Stripe is cutting in the region of 1000 jobs worldwide telling staff the business had “overhired for the world we're in” as inflation ...

We’re reducing the size of our team by around 14pc and saying goodbye to many talented Stripes in the process. The planned 14pc workforce reduction will cut the total employee numbers to 7,000 – around where it was in February this year. "Today we’re announcing the hardest change we have had to make at Stripe to date.

Stripe, a payment processor to fast-growing Internet companies like Shopify and Instacart, was a big beneficiary of the pandemic-driven surge in e-commerce in ...

A March 2021 fundraising round valued Stripe at a blockbuster $95 billion.\n\nBut 2022 has been more challenging, Stripe Chief Executive Patrick Collison said in a message to employees that was also posted on the company’s website.\n\n“We overhired for the world we’re in,” Mr. Stripe, one of the world’s most highly-valued startups, said Thursday it was laying off about 14% of its employees and blamed the harsh economic climate.\n\nStripe, a payment processor to fast-growing Internet companies like Shopify and Instacart, was a big beneficiary of the pandemic-driven surge in e-commerce in 2020 and 2021.\n\nBusinesses on Stripe processed more than $640 billion in payments last year, up 60% from a year earlier. Collison wrote, citing inflation, energy shocks, higher interest rates, smaller investment budgets and more stingy funding for startups.\n\nThe cuts will leave Stripe with a workforce of almost 7,000, Mr.