Fintech giant Stripe has set a one-year deadline for itself to go public, either through a direct listing or a transaction on the private market, such as a fundraising event or a tender offer, according to a report in the Wall Street Journal citing sources familiar with the matter.
Analysts said the timing is somewhat surprising given the depressed prices for quoted tech stocks after the recent market reset.
Indeed, it is understood Stripe’s valuation has been slashed to US$63bn from US$95bn, while the business itself has cut around 14% of its workforce in the face of a global economic downturn.
The group, which generated gross revenues of US$12bn in 2021 and is reportedly EBITDA positive, is said to have brought in Goldman Sachs (NYSE:GS) and JP Morgan to assess the company’s next move.