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Submitted URL: https://www.thisweekinfintech.com/r/2f8eab88?m=ba6ff7fb-c5f3-4eb5-83ec-2f4d89166d38
Effective URL: https://www.paymentsdive.com/news/fintech-stripe-cuts-additional-job-digital-payments/685101/?utm_source=Sailthru&utm_medium=...
Submission: On July 20 via api from IN — Scanned from DE
Effective URL: https://www.paymentsdive.com/news/fintech-stripe-cuts-additional-job-digital-payments/685101/?utm_source=Sailthru&utm_medium=...
Submission: On July 20 via api from IN — Scanned from DE
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Skip to main content CONTINUE TO SITE ➞ DON’T MISS TOMORROW’S PAYMENTS INDUSTRY NEWS Let Payments Dive’s free newsletter keep you informed, straight from your inbox. By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe at anytime. * Deep Dive * Opinion * Library * Events * Press Releases * Topics Menu * Search * Sign up Search * Retail * Banking * Restaurants * Regulations & Policy * Risk * Technology * B2B An article from STRIPE CUTS ADDITIONAL JOBS The digital payments services provider pared its workforce last week, following on more extensive cuts last year. Published July 7, 2023 By James Pothen Reporter * * * * * SAN FRANCISCO, CALIFORNIA - NOVEMBER 08: (L-R) Patrick Collison and Nicholas Thompson speak onstage at the WIRED25 Summit 2019 - Day 1 at Commonwealth Club on November 08, 2019 in San Francisco, California. Matt Winkelmeyer via Getty Images Stripe, the payments juggernaut once valued at $95 billion, cut about 40 employees last week in the company’s latest effort to squeeze more efficiency out of its operation. When asked for comment, Stripe spokesperson Sheryl So directed Payments Dive to a story about the cuts by technology media site The Information. “We’ve made a series of structural changes within our People team to better align with the evolving needs of Stripe’s business,” another Stripe spokesperson told that publication. “These changes are never easy, and we had to say goodbye to about 40 very talented employees, in areas like recruiting.” The job cuts come just weeks after Stripe bought the analytics firm Okay in May in an effort to make its software engineers more efficient. Access now➔ Trendline FRAUD CONCERNS MOUNT AS VERIFYING IDENTITIES BECOMES HARDER Criminals are increasingly taking on false identities to persuade victims to send them payments in email, payroll and vendor scams. Access now➔ Trendline FRAUD CONCERNS MOUNT AS VERIFYING IDENTITIES BECOMES HARDER Criminals are increasingly taking on false identities to persuade victims to send them payments in email, payroll and vendor scams. Stripe also raised $6.5 billion in March, to address issues such as employee liquidity and tax obligations. Notably, the company’s valuation at that time was just $50 billion, a 47% drop from the valuation it received in 2021. Late last year, Stripe cut about 14% of its total workforce. For that round of cuts, CEO Patrick Collison wrote a public letter to employees detailing the move, and explained severance benefits being offered. This time, there was no such note on the company’s press page. Stripe’s statement didn’t identify other areas where there may have been cuts, beyond the mention of recruiting. Recruiting and other less technical parts of companies have been the hardest hit areas in the recent tech job cuts. Those areas tend to be female-dominated, meaning that women have been disproportionately laid off, according to a report by the media outlet Axios. Diversity, equity and inclusion departments have been also been significantly pared, according to a report from the media outlet Bloomberg. RECOMMENDED READING * Stripe chops workforce for ‘leaner times’ By Lynne Marek • Nov. 3, 2022 * post * share * tweet * print * email Filed Under: Banking, Technology PAYMENTS DIVE NEWS DELIVERED TO YOUR INBOX Get the free daily newsletter read by industry experts Email: * Select user consent: By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe at anytime. Sign up A valid email address is required. Please select at least one newsletter. EDITORS’ PICKS * Chip Somodevilla via Getty Images DURBIN TO LOB BILL AT VISA, MASTERCARD Sen. Dick Durbin is poised to make good on his long-time threat to further rein in the two big U.S. credit card companies Visa and Mastercard with legislation aimed at increasing competition. By Lynne Marek • July 28, 2022 * Retrieved from Loves Furniture & Mattresses on January 11, 2021 Column CEOS SOUND OFF: PAYMENTS EXECS NAVIGATE ECONOMIC TURMOIL CEOs of three payments companies share how macroeconomic headwinds are affecting their businesses and how they’re seeing their firms through the uncertainty. By Jonathan Berr • July 29, 2022 Access now➔ Trendline FRAUD CONCERNS MOUNT AS VERIFYING IDENTITIES BECOMES HARDER Criminals are increasingly taking on false identities to persuade victims to send them payments in email, payroll and vendor scams. GET THE FREE NEWSLETTER Subscribe to Payments Dive for top news, trends & analysis Email: * Select user consent: By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe at anytime. Sign up A valid email address is required. Please select at least one newsletter. MOST POPULAR 1. Toast axes 99-cent fee 2. Synchrony braces for late fee rule 3. Will Toast get burned by 99-cent fee? 4. Credit card bill opposition builds LIBRARY RESOURCES * Podcast Navigating Digital Identity in a Changing Payments Landscape Custom content for EY Banking and Capital Markets * Webinar - on demand 3 Things Retailers Can Do Now to Protect Against Payment Fraud Custom content for Sift * Trendline Fraud concerns mount as verifying identities becomes harder Supported by GIACT View all COMPANY ANNOUNCEMENTS * Gift Card Trends: Consumer Preferences & Behaviors From TSG (The Strawhecker Group) * ForumPay and Heuston Gaming Announce Partnership to Enable Cryptocurrency Payments in the Soci… From ForumPay View all | Post a press release PAYMENTS DIVE NEWS DELIVERED TO YOUR INBOX Get the free daily newsletter read by industry experts Email: * Select user consent: By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe at anytime. Sign up A valid email address is required. Please select at least one newsletter. COMPANY ANNOUNCEMENTS View all | Post a press release Gift Card Trends: Consumer Preferences & Behaviors From TSG (The Strawhecker Group) July 19, 2023 ForumPay and Heuston Gaming Announce Partnership to Enable Cryptocurrency Payments in the Soci… From ForumPay July 17, 2023 Want to share a company announcement with your peers? Get started ➔ Editors’ picks * Chip Somodevilla via Getty Images DURBIN TO LOB BILL AT VISA, MASTERCARD Sen. Dick Durbin is poised to make good on his long-time threat to further rein in the two big U.S. credit card companies Visa and Mastercard with legislation aimed at increasing competition. By Lynne Marek • July 28, 2022 * Retrieved from Loves Furniture & Mattresses on January 11, 2021 Column CEOS SOUND OFF: PAYMENTS EXECS NAVIGATE ECONOMIC TURMOIL CEOs of three payments companies share how macroeconomic headwinds are affecting their businesses and how they’re seeing their firms through the uncertainty. By Jonathan Berr • July 29, 2022 Latest in Banking * CCCA opponents brace for defense bill move By Lynne Marek * Flywire, Tencent partner on cross-border education payments By James Pothen * CFPB, European regulator open a dialogue on digital rules By Rajashree Chakravarty * Synchrony braces for late fee rule By Caitlin Mullen -------------------------------------------------------------------------------- * * * * EXPLORE * About * Editorial Team * Contact Us * Newsletter * Article Reprints * Press Releases * What We’re Reading REACH OUR AUDIENCE * Advertising * Post a press release * Submit an opinion piece RELATED PUBLICATIONS * Banking Dive * Restaurant Dive * Retail Dive -------------------------------------------------------------------------------- image/svg+xml Industry Dive is an Informa business © 2023 Industry Dive. All rights reserved. | View our other publications | Privacy policy | Terms of use | Take down policy. 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