- Stripe has laid off 300 employees, according to an internal memo obtained by Business Insider.
- The reductions primarily affected product, engineering and operations staff, according to the memo.
- Its human resources director said in the memo that the company still plans to increase its workforce.
The payment platform Band has laid off 300 employees, or about 3.5% of its workforce, Business Insider has learned.
The company’s human resources director, Rob McIntosh, informed staff of the reductions in an email obtained by BI on Monday.
McIntosh said 300 employees – primarily in product, engineering and operations – would be affected by the cuts, but that Stripe still planned to increase its workforce to around 10,000 employees by the end of the year. ‘year.
Stripe confirmed the layoffs to BI.
The Irish American multinationalwhich has two headquarters in San Francisco and Dublin, laid off more than 1,000 employees in 2022, or about 14% of its workforce at the time.
In mid-2023, Stripe cut a few dozen positions, mainly within its recruitment department, The Information. reported at the time.
BI understands that Stripe had 8,500 employees before the latest waves of layoffs.
Founded in 2010 by brothers John and Patrick CollisonStripe provides software tools for processing online and in-person payments to millions of businesses.
Read the full memo below:
Hello everyone, As we developed our plans for 2025, leaders took a hard look at their organizations and team structures. It became clear that several team-level changes were necessary to ensure we had the right people in the right roles and in the right locations to execute our plans. It’s not easy to make all of these changes at once, but it’s even harder to roll them out gradually throughout the year. We have therefore asked leaders to do everything possible to move these decisions forward. As a result, approximately 300 Stripes, primarily in product, engineering and operations roles, are leaving today.(0) Everyone affected has already been notified and everyone will receive a severance package, including their bonus annual earned. I want to be clear that we are not slowing down hiring: we plan to increase headcount across all of our locations and reach approximately 10,000 Stripes by the end of the year (an increase of 17 % over one year). Our sales performance continues to be strong. Our belief that this is the right business decision doesn’t make it any easier for those who leave or those who lose valuable teammates. I appreciate everyone’s resilience and want to thank those who are leaving for their contributions and for building with us. Fly (0) Local processes are underway for certain Stripes outside the United States, in accordance with country-specific employment practices.
Are you a Stripe employee and have ideas to share? Contact journalist Jyoti Mann by email at jmann@businessinsider.com or via Signal at jyotimann.11. Contact us via a non-professional device.