(Bloomberg) -- Stripe Inc. is valued at $65 billion after striking a deal that allows current and former employees to cash out some of their shares, a move that could ease pressure on the startup to speed up its path to an initial public offering.

Under the deal, Stripe and some of the firm’s investors will buy more than $1 billion of stock from those employees, according to a person familiar with the matter who asked not to be identified discussing private information. 

The $65 billion valuation — while up from a $50 billion valuation last March — remains below a $95 billion valuation it scored in 2021 when the firm raised $600 million in funding. Later in that year, it was in early discussions with investment banks about going public, Bloomberg reported, though that transaction hasn’t yet materialized.

Stripe was among tech firms that spent more heavily on adding talent and pushing into new areas during the depths of the pandemic, when it saw spending volumes soar. But those moves began to weigh on the company as the pandemic receded and volume growth slowed.

Read More: Stripe Is Said to Discuss Public Listing With Banks for 2022 

Stripe said in a statement announcing the deal that using a portion of its own capital to buy the shares will offset dilution from the firm’s employee equity compensation programs.

“We’re pleased to once again offer employees an opportunity for liquidity,” Chief Financial Officer Steffan Tomlinson said in the statement. “Our business continues to see strong momentum with the most advanced companies in the world.”

Stripe, founded by brothers John and Patrick Collison, helps merchants process consumer payments and has grown significantly since its founding more than a dozen years ago. Stripe competitors include PayPal Holdings Inc. and Adyen NV. 

(Updates with valuation history and competitors from fifth paragraph.)

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