Valued at a whopping $95bn last year, the start-up founded by Patrick and John Collison is now worth $74bn based on its internal share price.
Stripe has reportedly lowered its internal valuation by 28pc amid a stock market downturn in the tech sector.
The Irish-founded payments start-up based in the US was valued at $95bn last year. Now, the new internal share price of $29 compared to $40 in its most recent internal valuation, means that Stripe is now valued at around $74bn.
The story was first reported by The Wall Street Journal based on accounts of people familiar with the matter.
This comes amid a general downturn in the global tech market that has seen stocks tumble on both sides of the Atlantic since the beginning of this year.
Stripe competitor PayPal, for example, has seen its stock market value drop by more than 60pc, according to The Wall Street Journal. Another company, grocery delivery start-up Instacart, saw its value plummet by 38pc from $39bn to $24bn despite big gains during the pandemic.
According to the Wall Street Journal sources, Stripe informed employees of the price drop through an email last Friday, a move that was agreed by the board effective 30 June. However, the email did not specify the reasons behind the move.
Accompanying the downturn has been layoffs in start-ups. According to start-ups layoff tracker Layoffs.fyi, nearly 350 tech start-ups around the world have cut 53,000 workers this year.
Earlier this week, Swedish rising star Klarna saw its valuation drop to just $6.7bn in its latest funding round. This came a little over a year after the ‘buy now, pay later’ fintech start-up made ripples in the European tech market with a nearly $46bn valuation.
In May, Klarna said it was cutting 10pc of its jobs around the world following what its CEO described as a “tumultuous year”.
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