Checkout.com, the leading Connected Payments™ solutions provider, announced that it closed a $450 million Series C fundraising round. This gives the business a post-money valuation of $15 billion, making it the fourth largest fintech globally and EMEA’s most valuable venture-backed business(1), as the business continues to expand across the globe.
The Series C was led by Tiger Global Management, LLC, a New York-based technology investor that partners with dynamic entrepreneurs operating market-leading growth companies, including Facebook, LinkedIn, Spotify, ByteDance, and JD.com. Greenoaks Capital also joined the round along with participation from existing investors Insight Partners, DST Global, Coatue Management, Blossom Capital, Endeavor Catalyst, and Singapore’s Sovereign Wealth Fund GIC.
Guillaume Pousaz, CEO and Founder of Checkout.com said: “Payments affect everything from the customer journey to a business’s ability to enter new markets or launch new products. This latest fundraise reflects our market-leading position and the size of our aspirations as we accelerate in our mission to empower merchants to build better products, drive more revenue and create innovative business models by reimagining interactions with financial services. Our new investors bring a wealth of experience across payments, technology and scaling companies – crucial knowledge for the next stage of our growth, as we continue to build our vision for the future of Connected Finance™.”
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Investing in the Future of Payments
Research from McKinsey & Company highlights the scale of the payments opportunity, with total global payments revenue reaching just under $2 trillion in 2019(2). Meanwhile a recent report from Checkout.com in partnership with Oxford Economics(3) revealed the scale of the challenge that many merchants face, with $20.3 billion lost to false declines in payments in 2019 alone and more than $12.7 billion handed from first choice merchants to their competitors. Additionally, customers who gave up on their intended online purchase completely resulted in more than $7.6 billion of missed opportunity for merchants. Checkout.com addresses these issues by giving enterprise businesses the most proactive tools to drive best-in-class performance and more control through advanced data features, fraud management tools, and comprehensive reporting.
The fundraise comes as the global economy looks beyond the COVID-19 pandemic. While many organizations have historically relied on one-size-fits all payment systems, the need to drive improved performance, gain transparency across payments and extract valuable information from data is increasingly becoming a competitive differentiator. Checkout.com’s cloud-based unified platform enables merchants to manage payins and payouts at scale, while achieving better performance and improved acceptance rates globally. Leading ecommerce businesses such as Farfetch, Mango, Victoria’s Secret, L’Occitane and The Hut Group depend on Checkout.com for a fast, reliable, adaptable and safe platform that gives granular access to the data and pricing behind every transaction.
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