Fintech startup and perennial IPO candidate Stripe Inc. has cut its internal valuation for a third time in the past six months, according to a new report.
The Information reported Wednesday that the payments company, which is dually headquartered in Dublin, Ireland, and South San Francisco, Calif., has cut the value of its internal shares by about 11%, implying a valuation of about $63 billion. Its internal valuation has been slashed by about 40% since June, according to The Information.
Stripe was valued at $95 billion after a March 2021 private funding round that made it one of the most valuable startups, but the Wall Street Journal reported last July that the company trimmed its internal valuation to an implied $74 billion.
But it’s still among the world’s most valuable “unicorns,” and its initial public offering — whenever it may come — has been highly anticipated for years. Stripe reportedly began planning for an IPO in 2021, but has not yet made the jump to public markets as its business has since suffered amid a protracted slowdown in e-commerce.
In November, Stripe announced plans to lay of 14% of its workforce, as Chief Executive Patrick Collison admitted the company had made “errors of judgment” in being overly optimistic about its growth.