Checkout.com triples valuation on $150 million funding round

Checkout.com triples valuation on $150 million funding round

E-commerce payments processor Checkout.com has tripled its market valuation to $5.5 billion after banking a $150m Series B funding round.

The firm is benefitting from the shift to online shopping during the global pandemic, reporting a 250% surge in online transactions between May ‘19 and May ‘20.

The eight-year-old London-headquartered company has also added 500+ merchants to its books in the last twelve months including Grab, Revolut, Careem, Glovo, Robinhood, Farfetch, Klarna and Remitly.

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. It follows a record-breaking $230m Series A in May 2019, which was Europe’s largest fintech Series A round of funding ever.

The firm, which recently acquired ProcessOut in February and Australian start-up, Pin Payments, in May, says it will use the funds to further strengthen its balance sheet, bringing available cash to over $300m, and invest in the development of new products.

CEO and founder, Guillaume Pousaz says: “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.”


Source: https://www.finextra.com/newsarticle/36066/checkoutcom-triples-valuation-on-150-million-funding-round




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