T. Rowe Price marks Stripe shares down 64%

- Ryan Lawler, author ofAxios Pro: Fintech Deals

Illustration: Megan Robinson/Axios
Yet another investor, this time asset manager T. Rowe Price, has marked down the valuation of payments giant Stripe, lowering its assessment of the share price by more than 60%.
Why it matters: Even the most high-flying fintech companies are seeing the results of valuation compression in today’s bear market.
By the numbers: The T. Rowe Price Global Technology Index Fund marked Stripe shares down to $23.04 as of June 30, representing a 64% decline from the end of 2021, according to a regulatory filing.
Between the lines: Once considered an IPO candidate for 2022, Stripe has seen its valuation take a hit multiple times this year.
- Fidelity in May assessed Stripe’s share price at $32.05 apiece.
- And, in an internal assessment, Stripe recorded a 28% drop in its own 409A valuation, to just above $74 billion.
Of note: Stripe wasn’t alone in having its valuation cut by T. Rowe Price, as shares in grocery delivery startup Instacart were also marked down 65%.