British payments company Checkout.com reduced its internal valuation from $40B to $11B in a move that "reflects the current macroeconomic conditions." The level at which employees can exercise their stock options has fallen from $252/share to $65/share. Checkout.com says the move will give employees a greater opportunity to benefit from its "potential economic upside."
More:
- The company's valuation increased by 167% YoY to $40B after it raised $1B in January.
- Checkout.com let go of 5% (100 employees) in September.
- Crunchbase data shows that Checkout.com has received $1.8B in venture funding since it was founded in 2012.
In related news:
- Digital payments giant Stripe's internal valuation fell from $95B to $74B in July.