Payments giant Stripe, last valued at $95 billion (€94.9 billion), has cut the internal value of its shares by 28 per cent, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

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The company, founded by John and Patrick Collison, told employees in an email that its internal share price was about $29, compared with $40 in the previous internal valuation, the report said.

Stripe declined to comment.

High-flying tech valuations have come under pressure this year as investor sentiment takes a hit from fears of a looming recession and a chill in the equity markets.

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Earlier this month, Swedish payments firm Klarna Bank — once Europe’s most valuable startup — raised funds at a valuation that was more than 80 per cent lower than the $46 billion price-tag it attracted last year.

Listed digital payment giants PayPal and Block have also seen their shares plummet more than 60 per cent each so far this year. — Reuters