Fintech giant Stripe is laying off 300 people, according to a leaked memo reported on Tuesday by Business Insider.
The affected employees are “largely in product, engineering, and operations roles,” the memo said. Despite the layoffs, Chief People Officer Rob McIntosh said that Stripe intends to still grow its headcount by 17% “to land at about 10,000” by the end of the year. Doing the math, that means Stripe has about 8,550 employees currently.
McIntosh said the cuts are happening because it “became clear there were several team-level changes needed” to ensure Stripe had “the right people in the right roles and locations to execute against” its plans.
In November 2022, Stripe announced that it was laying off 14% of its workers, impacting around 1,120 of the fintech giant’s then 8,000-person workforce.
The company has long been expected to go public but has instead continued to raise funds and conduct tender offers to provide liquidity to employees. It was valued at $70 billion as of last July.
