Stripe has laid off around 300 employees, 3.5% of its workforce, according to Business Insider.
The cuts come mostly in product, engineering, and operations roles, according to a memo from chief people officer Rob McIntosh.
Stripe had around 8500 employees before the latest move but still plans to increase its headcount by 17% to 10,000 by the end of the year, say McIntosh.
"It became clear that there were several team-level changes needed to make sure we have the right people in the right roles and locations to execute against our plans," says the memo obtained by Business Insider.