✂️ Layoffs hit 300 workers
Fintech giant Stripe is cutting 300 employees, per a leaked memo reported by Business Insider. Most of the cuts affect product, engineering, and operations teams. Stripe’s Chief People Officer Rob McIntosh said this move ensures “the right people in the right roles.” The company currently has about 8,550 employees, down from 8,000 after its November 2022 layoffs.
📈 Aiming for 10,000 employees
Despite layoffs, Stripe plans to expand its workforce by 17% in 2025, targeting 10,000 employees. The announcement underlines Stripe’s growth ambitions. McIntosh emphasized the focus on team restructuring to align with future plans. The company’s growth reflects confidence, even amid challenges.
💰 $70B valuation and IPO buzz
Stripe remains a major player in fintech, valued at $70B as of July 2024. The company has avoided going public, opting instead to raise funds and conduct tender offers. This approach provided liquidity for employees while maintaining control. Analysts speculate that an IPO could still be on the horizon.
📊 The big picture
Layoffs reflect broader trends in tech, as companies optimize amid economic uncertainty. However, Stripe’s plans to grow its headcount signal optimism. With a reputation as a fintech leader and $70B valuation, Stripe remains a company to watch in 2025.
Does Stripe’s dual approach of layoffs and hiring make sense?
