Stripe's Staff Costs Surge 71% as Revenue Growth Slows to 66%
Stripe Payments International Holdings (SPIH) has reported a significant rise in staff costs, up 71% to $155m in 2021, primarily due to wage and salary increases. This comes as the company gained slightly lower growth in 2021 compared to the previous year, with revenues reaching $2.26bn.
The Dublin-based company's growth in 2021 was driven by increased business from existing users, market expansion, and new product launches. This resulted in an 84% increase in employee numbers, with the sales team seeing the most significant growth at 138%.
Stripe's revenue growth slowed to 66% in 2021, down from 70% in 2020. Despite this, the company saw a significant decline in pre-tax losses, down 84% to $22m. Other segments also experienced substantial growth, including administration (73%), user operations (62%), and engineering (62%).
In July 2021, Stripe reportedly reduced its valuation by 28% to around $74bn. Payment processors with similar services and price comparisons include PayPal, Square, Adyen, and Braintree.
Stripe's increased staff costs and reduced valuation in 2021 reflect the company's ongoing expansion and investment in its workforce. Despite slightly lower growth, the company's revenue and profit margins continue to rise, indicating a strong performance in the market.
