SINGAPORE (June 22): Checkout.com has joined the ranks of the world’s most valuable fintech companies following a US$150 million ($209 million) Series B funding round despite. The injection of cash has seen its current valuation triple to US$5.5 billion in total -- a noteworthy feat considering the reduced amount of financing available in the wake of Covid-19.
The Series B funding round, led by leading technology sector Hedge Fund Coatue , included prominent investors such as Singapore sovereign wealth fund GIC, Insight Parners, DST Global and Blossom Capital. This followed a record-breaking US$230 million Series A funding round in May 2019 -- the largest ever fintech Series A funding round in Europe. Says Coatue Managing Partner Kris Fredrickson, “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.”
“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,” says Checkout.com CEO and founder Guillaume Pousaz. He hopes to use these funds to strengthen the firm’s balance sheet and develop new innovative products like its advanced Payouts solution. The firm currently consists of 750 staff across 13 offices worldwide.
The new funding follows an increasing surge in demand for online transactions following lockdown measures introduced in light of the Covid-19 outbreak, with Checkout.com’s transaction numbers increasing 250% y-o-y in May as businesses rapidly. The eight-year-old London-based fintech firm also added over 500 merchants to its client portfolio over the last twelve years, including Southeast Asian superapp Grab and fintech firm Revolut. It already powers leading global multinationals like Adidas, Samsung and Pizza Hut.
Checkout.com’s proprietary technology provides enterprise businesses seamless and reliable payment processing on a global scale, processing over 150 currencies and providing access to all international cards and popular local payment. It operates based on a single unified platform that offers advanced data features, fraud management tools, and comprehensive reporting. It boasts that this will allow firms to enjoy better performance and control over online transactions.
Riding on this wave of success, Checkout.com has acquired two businesses this year: and Australian start-up Pin Payments in May 2020. Checkout.com has acquired two businesses this year, Australian start-up, Pin Payments and French startup ProcessOut, which allows users to select the best payment provider for their transactions. It makes a new start with the appointment of its new Chief Operating Officer Mike Benchimol, a former investment banker at JP Morgan.
