Stripe

2022 - 11 - 4

Stripe lays off 14% of workers (CNBC)

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.

Stock Market News Today: Dow Slips 100 Points After Fed Signals ... (The Wall Street Journal)

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.

Stripe Lays Off More Than 1000 Workers, 14% Of Staff (Forbes)

CEO Patrick Collison acknowledged missteps Stripe management has made over the past two and a half years, saying the company "overhired” during the ...

Companies small and large, including Robinhood, Klarna and digital bank [Chime](https://www.theinformation.com/articles/chime-slashes-12-of-staff-marking-latest-casualty-in-fintech-meltdown), have announced layoffs so far in 2022. [Compared with](https://twitter.com/gergelyorosz/status/1588166389579546624?s=12&t=Ay-XE_BZA6IFVmgX1LEDdQ) Amsterdam-based payments competitor Adyen, Stripe has historically released more products and had significantly higher costs. they were trying to sugarcoat it by calling it ‘performance management,’” a former employee [told Forbes](https://www.forbes.com/sites/jeffkauflin/2022/10/20/stripe-takes-steps-to-prune-workforce/?sh=582bb7c82d13). [Forbes reported](https://www.forbes.com/sites/jeffkauflin/2022/10/20/stripe-takes-steps-to-prune-workforce/?sh=582bb7c82d13) that Stripe was taking steps to prune its workforce, with some senior leaders asking managers over the summer to give lower ratings on performance reviews. But given that the economic climate continued to worsen, they had to pull the lever even more.” A Stripe spokesperson declined to comment. Good times and abundant hiring can make performance management less conspicuous, but we’ve worked hard on this front in the past in order to sustain the talent bar that we benefit from today—and we will continue to do so.”

Digital payments firm Stripe to lay off 14% of workforce (The Business Times)

STRIPE, the digital payments giant which was valued at US$95 billion in its last funding round, is cutting its headcount by about 14 per cent as startups ...

Stripe Cuts Headcount by 14%, Prepares for 'Leaner Times' (Bloomberg)

Stripe Inc., one of the world's most valuable startups, will cut more than 1000 jobs as it seeks to rein in costs ahead of any economic downturn.

Tech groups cut jobs and pause hiring amid 'leaner times' (Financial Times)

Ecommerce platform Stripe and ride-hailing service Lyft became the latest technology companies to lay off staff on Wednesday, while Amazon said it would ...

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