DIGITAL payments firm Stripe has cut the internal value of its shares by about 11 per cent, implying a valuation of US$63 billion, the Information reported on Wednesday (Jan 11).

It’s at least the third time since June that Stripe has cut its internal valuation, following a smaller cut in October, and brings the total reduction to about 40 per cent in the past six months, according to the report, citing a person familiar with the matter.

Last year, US technology stocks were badly hit as tightening monetary policy and worries of a looming recession soured investor sentiment.

Stripe did not immediately respond to a Reuters request for comment.

Stripe in November cut its headcount by about 14 per cent, saying that the payments startup had overhired and grew operating costs too quickly. REUTERS