Fintech powerhouse Stripe is making headlines this week after announcing it will let go of 300 employees. The news comes from a leaked memo reported by Business Insider, revealing that the cuts will mainly affect teams in product development, engineering, and operations. Despite the layoffs, Stripe isn’t hitting the brakes on growth. The company’s Chief People Officer shared plans to increase its workforce by 17% by the end of 2025, aiming to reach around 10,000 employees. That means Stripe currently has about 8,550 staff members. The decision to trim jobs stems from the need to “ensure the right people are in the right roles and locations” to meet the company’s goals. This isn’t the first time Stripe has downsized—back in November 2022, it laid off 14% of its workforce, impacting roughly 1,120 employees. While Stripe has been a hot topic for its potential IPO, the company has opted to stay private, raising funds and offering liquidity to employees instead. As of July 2024, Stripe was valued at a whopping $70 billion. What’s next for the fintech giant? Only time will tell, but for now, it’s a mix of tough decisions and ambitious plans. ---