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Payments unicorn has cut its internal valuation by 11% to $63 billion, , citing a source familiar with the matter.

Even at that valuation, the San Francisco-based company remains one of the most highly valued private companies in the world. But its latest cut is indicative of the falling valuations for unicorn startups over the past year as companies and investors reset their expectations.

Global venture funding in 2022 fell 35% year over year (though still topped 2020 and every other year before). Late-stage startups have been particularly hard hit as public market turmoil stalls the IPO pipeline.

Stripe’s latest cut comes after it already last year by 28%, from $95 billion. Competitor by 70% to $11 billion last year. Other unicorns, including cybersecurity startup and AI/ML platform developer , have raised new money but at lower valuations, in what’s known as a down round. In one of the more dramatic examples, fintech unicorn last year saw its valuation plummet 86% to $6.7 billion in a new funding round.

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• Forecast: Cybersecurity Likely To See Valuation Cuts, But Demand Still Strong
• Klarna’s Fall From Grace Calls Into Question Unicorn Board Valuations 

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