Stripe cuts 14% of workforce as fintech layoffs roll on
Payments firm Stripe is firing 14% of its workforce as layoffs continue at fintech and crypto companies.
The company cited the macroeconomic environment and falls in funding for startups. The cuts were shared in an email with employees. Founders Patrick and John Collison took the blame for the decision.
“We overhired for the world we’re in, and it pains us to be unable to deliver the experience that we hoped that those impacted would have at Stripe,” they wrote.
The news follows other significant employee layoffs in the crypto and fintech sector as both traditional and crypto asset prices slid amid global economic uncertainty. Two days ago, crypto exchange Bitmex cut 30% of its workforce. Previously, companies such as Coinbase, Robinhood and Bitpanda also reduced their number of employees.
Stripe offers support for USDC stablecoin payments on Polygon and payments support for crypto businesses.
The cuts will mean that Stripe will now have close to 7000 employees, a similar level to what it had in February.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Tom Matsuda
