SAN FRANCISCO (KRON) -- Online payments platform Stripe has laid off 300 employees, KRON4.com has confirmed. According to a report in Business Insider that was later confirmed by a Stripe representative, the job cuts mostly impact those in Stripe's product, engineering and operations divisions. The job cuts represent about 3.5% of Stripe's workforce. Stripe maintains dual headquarters, one in Dublin, Ireland and another on San Francisco's Townsend Street. Bloomingdale’s closing San Francisco City Centre location Citing a leaked memo, BI said employees were informed of the job cuts on Monday in an email from the company's chief people officer, Rob McIntosh. Employees who lost jobs will receive a severance package that includes their earned annual bonus, the memo said. "The Business Insider is accurate," a Stripe spokesperson told KRON4.com. "We are not commenting beyond the memo that was included in the Business Insider story." Despite cutting hundreds of jobs, Stripe is still hiring. According to the memo, the company plans to "grow headcount across all our locations," to reach a companywide headcount of 10,000 by the end of the year. Currently, according to BI, Stripe has about 8,500 employees.