Stripe tells employees it will decide on an IPO within the next year
Summary
Stripe, the fintech company once valued at $95 billion by private market investors, will make a decision on its plans to go public within the next year, CNBC has confirmed. Co-founders and brothers John and Patrick Collison told employees on Thursday that they will set a goal of taking the company public or letting staffers sell shares through a secondary offering, The Information first reported. Late-stage private companies were forced to delay their plans and, in many cases, raise cash at reduced valuations in 2022, as higher interest rates, recessionary concerns and a plummeting stock market altered the tech landscape. "We were much too optimistic about the internet economys near-term growth in 2022 and 2023 and underestimated both the likelihood and impact of a broader slowdown," the founders wrote in a memo announcing the layoffs. Stripe is considering a direct listing or private market transaction and has hired Goldman Sachs and JPMorgan to advise on the deal, CNBC has learned.