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It is understood a small number of Irish roles at Stripe are at risk.
Stripe will lay off 300 workers, around 3.5pc of its total workforce, according to a leaked memo from management.
Business Insider first reported that the layoffs at the fintech start-up, which originated from Ireland, will mostly affect employees working in product, engineering and operations. The company’s chief people officer, Rob McIntosh, informed staff of the cuts, and added that Stripe still has plans to grow to about 10,000 employees by the end of the year (an increase of 17pc).
Specifically, McIntosh said that the cuts were necessary as it “became clear there were several team-level changes needed” to ensure that the business had “the right people in the right roles and locations” to carry out its plans.
He added that all those affected by the job cuts have already been informed and asserted that they will receive a severance package, including their earned annual bonus.
Concluding the memo, McIntosh said: “I appreciate everyone’s resilience and want to thank those departing for their contributions and for building with us.”
It is understood a small number of Irish roles at Stripe are at risk.
The news of the latest job cuts echoes Stripe’s previous announcement to let go of around 1,000 jobs, 14pc of its workforce at the time, in 2022.
In mid-2023, Stripe also cut a few dozen roles, mostly from its recruiting department.
Established in 2010, the payments platform was created by Limerick brothers Patrick and John Collison. In 2014, Stripe was notably declared a ‘unicorn’ company, which refers to a privately-owned company that is valued at more than $1bn.
Since then, Stripe has gone on to grow exponentially – as of last year, the business was worth an estimated $70bn.
Last October was particularly busy for Stripe, as it revealed a collaboration with tech giant Nvidia to advance AI features, and also acquired the stablecoin platform Bridge for $1.1bn.
Stripe has been contacted by SiliconRepublic.com for comment on this latest development.
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