Stripe to cut staff but still grow

Up to 300 jobs to go but company is set to expand to 10,000 workers this year

Founded by Limerick brothers John and Patrick Collison, Stripe has grown into one the world's top companies for digital payments.

US-Irish payments firm Stripe is to cut 300 staff in a variety of roles but said the company will continue to expand.

In a memo to staff this week, the company said those in the product, engineering and operations roles would be impacted.

While workers at the company's Dublin headquarters may also be impacted the Irish Examiner understands the number of roles that may be affected is likely to be in the single digits.

Stripe in Dublin currently has 50 open roles across various functions. The memo, first reported by Business Insider, states the reductions are needed because the company needed to make team-level changes.

Stripe currently employs approximately 8,500 workers and the company plans to expand this to 10,000 by the end of this year.

In 2022, Stripe announced that it would be cutting 14% of its global workforce, amounting to roughly 1,000 workers. At the time, the company employed 600 workers in Ireland. The cuts then were part of a slew of headcount reductions implemented by global IT companies who had rapidly expanded hiring to cope with the increase in demand for IT services during the covid lockdowns.

Founded by Limerick brothers John and Patrick Collison, Stripe has grown into one the world's top companies for digital payments.

In November, the company began buying back some of the shares in Stripe at a price of $27.51, translating to a valuation of about $70bn (€67.9bn).