Digital payments firm Stripe has cut the internal value of its shares by about 11%, implying a 40% valuation cut to $63 billion in six months, The Information reported on Wednesday.

Valued at $95 billion following a $600 million funding round in 2021, this is at least the third time since June 2022 that the payment firm has cut its internal valuation. It slashed its internal valuation by 28% in June 2022, followed by a smaller cut in October, adding up to a 40% reduction over six months.