UK fintech Checkout.com triples value to US$5.5bn
Following its recent US$150mn Series B funding round, Checkout.com - a leading global payments solution provider - has become one of the most valuable fintech companies, tripling its value of online international payments to US$5.5bn.
Between May 2019 and May 2020, the company’s online transaction numbers had already increased by 250%, however with an increased focus on online payments due to global lockdowns, the company attributes its further growth of US$5.5bn to the growing demand for transformative online payment solutions accelerated by the impact of COVID-19.
“The way money moves into and out of businesses is changing rapidly. I believe that by solving financial complexity, you can radically unlock innovation -- starting with digital payments. At Checkout.com, we’ve built a technical architecture that enables pioneers to reinvent industries and redefine their relationship with consumers. Now more than ever, we are confident of our mission to build the connected payments that businesses deserve,” commented CEO and Founder, Guillaume Pousaz.
Led by Coatue, Checkout.com’s Series B funding also included participation from existing investors such as: Insight Partners, DST Global, Blossom Capital, and GIC. The company will use these funds to further strengthen its balance sheet, bringing its available cash to more than US$300mn.
“I’m thrilled to welcome Coatue to our cap table. As meaningful investors in late-stage tech companies such as Instacart, DoorDash, Bytedance and Chime they bring a wealth of experience in building world-class businesses driven by operational excellence. They share our vision for a future of connected payments which made them an obvious choice as partners for us,” said Pousaz.
“We have followed the business’ explosive growth and are inspired by Guillaume’s vision for the future of payments. We’re incredibly excited to partner for the next phase of the Checkout.com journey,” added Kris Fredrickson, Managing Partner at Coatue.
Checkout.com also has plans to invest in the development of new innovative products, such as the upcoming advanced payouts solution and the capability to accelerate settlement times.
The London company is currently eight years old, and powers many of the world's leading enterprises, in addition to adding over 500 merchants to its books in the last 12 months, including Grab, Revolut, Careem, Glovo, Robinhood, Farfetch, Klarna and Remitly. Its previous funding round - Series A - totalled US$230mn in May 2019, one of Europe’s largest fintech Series A funding rounds.
The company’s technology offers enterprises seamless and reliable global payment solutions, with direct access to domestic acquiring across payment methods and geographies. Checkout.com achieves this via a single, unified integrated platform for better performance and control. The platform also includes advanced data features, fraud management tools and comprehensive reporting capabilities.
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