Checkout.com adds physical and virtual card issuing

Payments provider Checkout.com is launching a service for businesses to generate their own physical and virtual cards.

The card-issuing offering is a new direction for Checkout.com, whose primary business is processing ecommerce payments for businesses such as Sony, Pizza Hut and Sainsbury’s.

Cards issued by Checkout.com will integrate with the London-headquartered company’s payment technology.

Meron Colbeci, CPO, Checkout.com, said: “Checkout.com Issuing is built on open, flexible APIs that mean businesses can create purpose-built card programmes, enhance cash flow and unlock new revenue opportunities.”

It marks a push into embedded finance for Checkout.com, a market that analysts expect to grow rapidly this decade.

In January last year, Checkout.com became the UK’s most valuable private fintech company after a $1bn funding round valued it at $40bn.

By December, it had slashed its internal valuation to $11bn amid the tech downturn.