Leading global payment solution provider Checkout.com becomes one of the most valuable fintechs globally. Today the company announces a $150m Series B funding round, tripling the value of the online international payments business. The $5.5bn valuation reflects a growing business demand for transformative online payment solutions that perform across all geographies and channels. Checkout.com’s online transaction numbers had already increased by 250% comparing May ’19 and May ’20. With an exclusive focus on online payments, global lockdowns have further accelerated Checkout.com’s growth as businesses have rapidly pivoted online.
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The Series B funding was led by Coatue, along with participation from existing investors, including Insight Partners, DST Global, Blossom Capital, and Singapore’s Sovereign Wealth Fund, GIC. Unlike many other rapidly growing businesses, Checkout.com has been profitable since 2012. It will use these funds to further strengthen its balance sheet, bringing available cash to over $300m. Checkout.com will also invest in the development of new innovative products, including its upcoming advanced Payouts solution and the capability to accelerate settlement times. The Series B fundraise follows a record-breaking $230m Series A in May 2019, which was Europe’s largest fintech Series A round of funding ever.
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The eight-year-old London-headquartered company already powers many of the world’s leading enterprises, adding 500+ merchants to its books in the last twelve months including Grab, Revolut, Careem, Glovo, Robinhood, Farfetch, Klarna and Remitly. Checkout.com’s proprietary technology offers enterprise businesses seamless and reliable global payment processing. The business offers direct access to domestic acquiring across payment methods and geographies. This is achieved through a single, unified integrated platform that gives enterprise businesses better performance and more control through advanced data features, fraud management tools, and comprehensive reporting.
