Stripe, the payments platform co-founded by brothers John and Patrick Collison, has laid off 300 employees, representing approximately 3.5% of its workforce. The news, revealed in a memo from Chief People Officer Rob McIntosh and obtained by Business Insider, indicates that the cuts primarily affect teams in product, engineering, and operations.
Despite the layoffs, Stripe plans to grow its headcount to around 10,000 employees by the end of 2024. This move follows prior workforce reductions, including a significant layoff of more than 1,000 employees in 2022—about 14% of its workforce at the time—and a smaller reduction in mid-2023, which impacted roles in the recruiting department.
Current Workforce and Background
Before this round of layoffs, Stripe employed approximately 8,500 people across its dual headquarters in San Francisco and Dublin. Founded in 2010, Stripe has become a cornerstone for online and in-person payment processing, serving millions of businesses globally.
The memo underscores the company’s ongoing efforts to align its workforce with strategic priorities while maintaining its trajectory of growth in a competitive market.
