Stripe is the latest high-profile fintech company to take a massive valuation cut as the market downturn begins to hit the sector especially hard.

Last valued at $95 billion, the payments processor has cut the internal value of its shares by 28%, sources told the Wall Street Journal.

The Journal reports that the valuation cut comes from a 409A price change, determined by an independent party, and that it impacts the value of of Stripe’s common shares, though implicitly, that means that the value of the preferred shares owned by Stripe’s venture backers will also go down, because preferred shares are converted to common shares before a company is acquired or goes public.

Read More at TechCrunch

Read the rest at TechCrunch