FINX - Stripe internal valuation said to be cut by 28% putting value at $74B
- Closely held payment-tech firm Stripe ( STRIP ) has cut the internal value of its shares by 28%, the Wall Street Journal reported Thursday, citing people familiar with the matter. It was last valued by private investors at $95B in a March 2021 funding round.
- The company told its an employees via email on Friday that the internal share price is ~$29 as of June 30 vs. $40 in the most recent previous internal valuation, lowering its implied valuation to $74B, one of the people told the WSJ .
- Millions of companies, ranging from startups to Fortune 500 firms, use Stripe's ( STRIP ) software and APIs to accept payments, send payouts, and manage their businesses online, according to the company's website.
- The lower valuation comes as publicly traded fintech stocks have dramatically dropped since the beginning of 2022. Global X FinTech Thematic ETF ( FINX ) has tumbled 54% in the past year, much worse than the S&P 500's 13% decline as seen in this chart .
- Last month, Fidelity Investments was said to severely cut valuations of several closely held tech companies, including Reddit and Stripe ( STRIP )
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Stripe internal valuation said to be cut by 28%, putting value at $74B