Stripe sees volume boost for FY 22 despite layoffs
Stripe has just published its annual letter, and although the startup does not provide key numbers such as revenue, the information it has included shows a company that is still growing despite significant layoffs.
While Stripe had to lay off 1,000 staff members, bringing its total employees back down to 2021 levels, the company saw its processed volume increase 26% year-on-year to $817bn in 2022. It also saw the total number of companies that handle over $1bn in payments in a year double to over 100.
In the letter, CEO Patrick Collison and President John Collison highlighted the company’s continuing strategy of supporting businesses from their creation, pointing to Instacart, Substack and DoorDash as examples of companies that have grown from inception with Stripe. The company said that startups are seeing an increase in formation since before the pandemic, reflected in the adoption of its startup service Stripe Atlas, which saw 155% more new companies in 2022 than in 2019. Stripe also reports a jump in the number of AI-related companies using its service, with ChatGPT creator OpenAI and AI image creator Midjourney among its customers.
On the enterprise side, the company’s platforms and marketplaces technology now supports payouts to 116+ countries in fiat and crypto, and has over 100,000 Terminal point-of-sale devices active globally, as well as supporting hardwareless in-person sales on iPhone and Android. Stripe’s commercial card platform Issuing now also supports commercial card programmes in 20+ countries.
The company also highlighted its efforts to cut down failed payments, including the launch of its Enhanced Issuer Network, which has helped produce an 8% reduction in fraud rates for participating transactions, and its Adaptive Acceptance machine learning solution, which Stripe says has helped generate an additional 0.7% of top-line revenue.
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