Stripe, the global payments services giant, insists it remains on track to grow its workforce to 10,000 employees by the end of 2025, despite cutting hundreds of jobs this week.
The company laid off 300 employees in its product, engineering, and operations teams.
The job cuts were outlined in an internal memo sent to employees on Monday, which was later obtained by Business Insider.
The affected workers departed the company the same day. However, the memo did not specify when they were initially notified.
A Stripe spokesperson confirmed the layoffs and the contents of the memo but declined to provide further details.
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“Right People in the Right Roles”
According to the memo, signed by Stripe’s Chief People Officer Rob McIntosh, the company reassessed its organizational structure to ensure efficiency.
- Leadership conducted a review of team structures.
- They determined changes were necessary to optimize roles and locations.
- The company emphasized that the layoffs were not tied to financial struggles.
He said:
“We’re not slowing down hiring.
“We expect to grow headcount across all our locations and land at about 10,000 Stripes by the end of the year.”
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Signs of a Potential IPO?
Industry analysts and consultants suggest Stripe may be preparing for an initial public offering (IPO). However, the company’s executives have not publicly confirmed any such plans.
As a privately held firm, Stripe does not disclose financial metrics such as revenue and net income. While speculation around a public listing continues, the company remains focused on restructuring and growth.
Past Layoffs and Workforce Adjustments
This is not the first time Stripe has reduced staff. The company previously cut:
- 40 positions in July 2023
- 14% of its workforce in late 2022
Even with these reductions, Stripe’s total employee count stood at 8,500 before the latest cuts. The company did not disclose where the new job losses would take place or which locations will see future hiring increases.
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What’s Next for Stripe?
Despite the layoffs, Stripe is pushing forward with expansion.
The company has dual headquarters in Dublin, Ireland, and San Francisco, California, and plans to increase its workforce across multiple regions.
With rumors of an IPO circulating and a commitment to hitting 10,000 employees by the end of 2025, Stripe’s next moves will be closely watched by industry experts and potential investors alike.
