Stripe has laid off employees behind TaxJar, a tax compliance startup it acquired last year

Some employees of TaxJar, a tax compliance startup that was acquired by Stripe last year, have been laid off.

Over the last month, there have been layoffs related to the decision by Stripe to stop TaxJar-focused go to market efforts. Some employees who were invited to take 30 days to apply to internal jobs at Stripe were impacted by the workforce reduction, according to sources.

The company declined to comment when contacted by the website. The co-founder of TaxJar, Matt Anderson, left the company in July. Anderson did not reply right away.

TaxJar, a provider of a cloud-based suite of tax services, was bought by Stripe. The 200 employees of the Massachusetts-based business were going to join the company. One of the most requested features of users is sales tax collection.

In July, the internal valuation of the company was cut by 22%. The company is valued at 95 billion, but the implied new internal share price is around 74 billion. Industry experts argue that a lower 409A valuation, which is set by a third party, makes it cheaper for employees to exercise vested options.

Stripe’s new and lower internal valuation, explained

For proof, you need to look at the stock prices of Block, Affirm, and Affirm. According to CB Insights, global fintech funding fell to $20.4 billion across 1,225 deals in the second quarter of the year, down from $38.6 billion in the first quarter of the year.

There are some players in the startup world. On Deck, which invests in other companies, cut 25% of its staff and scaled back its program. The company cut a third of its staff. MainStreet underwent a recapitalization after it was laid off. A year ago, the company was valued at $500 million.

One-click checkout startup Bolt laid off at least 180 employees. Fast shut down due to high burn.

In the late-stage world, buy now, pay later platform Klarna laid off 10% of its workforce, and then had its valuation slashed by 85% in July of this year.

Current and former employees of Stripe and TaxJar can reach out toNatasha Mascarenhas at natasha.m@techcrunch.com.

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