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 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,” the company said.
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.
Unlike 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.”, according to the press release.
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.
CEO and Founder, Guillaume Pousaz said: “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.”
Checkout.com processes over 150 currencies and offers access to all international cards and popular local payment methods to merchants through its proprietary integrated platform. Checkout.com employs over 750 staff across 13 offices globally.
Checkout.com has acquired two businesses this year, ProcessOut in February and Australian start-up, Pin Payments, in May.
„Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”