The number affected at the payment firm’s Dublin joint headquarters will be limited to single digits, with net gain projected for 2025

Stripe is to lay off 300 people globally, though cuts at its Irish joint headquarters will be limited to single digit figures, the Irish Independent understands.

The overall reorganisation, communicated to employees by the Irish-American payment firm’s chief people officer, Rob McIntosh, is to affect those working in product, engineering and operations.

News of the wider layoffs was first reported by Business Insider.

However, Mr McIntosh told staff that despite the current cuts, the company will still grow to around 10,000 people by the end of 2025, an increase of 17pc on its current headcount of around 8,500 people.

And the Irish Independent understands that the Irish office, which employs approximately 600 people, will hire at least an additional 50 people this year.

Founded by Limerick brothers Patrick and John Collison, Stripe splits its headquarters between California and Dublin. It last announced layoffs in 2022, when 14pc of employees were let go. Since then, it has steadily grown its workforce, with its valuation also bouncing back to $70bn after a previous fall to $50bn. Its valuation high point of $95bn came during the Covid pandemic.

“As we've been working through our plans for 2025, leaders took a close look at their organisations and team structures,” Mr McIntosh wrote in the staff memo.

“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.

“It's not easy to make all these changes at once, but it's even harder to have them roll out gradually throughout the year, and so we asked leaders to do all they could to pull these decisions forward.

“As a result, about 300 Stripes, largely in product, engineering, and operations roles, are departing today. All those who are impacted have already been informed, and everyone will receive a severance package, including their earned annual bonus.

I want to be clear that we're not slowing down hiring – we expect to grow headcount across all our locations and to land at about 10,000 Stripes by the end of the year (a 17% Y/Y increase). Our business performance continues to be strong.

“Our confidence that this is the right business decision doesn't make it easier for those who are leaving or those losing valued teammates. I appreciate everyone's resilience and want to thank those departing for their contributions and for building with us.”

Reporting on:independent.ie