Stripe has cut the valuation for its multi-billion-dollar fundraising by about 10% to around $50 billion, according to two people familiar with the situation, underlining the challenges that Stripe has faced in completing the fundraising.

While Stripe is still expected to complete the funding round, it is now setting the per-share price at about $20, down from about $23 a share, these people said. The earlier per-share price translated to a valuation of $55 billion, which was already a huge discount to the valuation of $95 billion at which Stripe last raised money, in early 2021.