UK’s Checkout.com secures £333M funding, triples valuation; becomes fourth largest fintech in the world
London-based Checkout.com empowers businesses to adapt, innovate and thrive with Connected Payments. Its technology makes payments seamless and provides flexible solutions, instant insights along with granular data that helps global enterprises launch new products in new markets. Today, Checkout.com announced that it has tripled its valuation with a fresh funding round.
Fourth largest global fintech
Checkout.com announced that it secured $450M (nearly £333M) Series C funding in a round led by Tiger Global Management, LLC, a New York-based technology investor that has teamed up with dynamic entrepreneurs behind leading growth companies such as LinkedIn, Facebook, ByteDance, Spotify and JD.com. The other investors that took part in the funding round include Greenoaks Capital and existing investors – Insight Partners, DST Global, Coatue Management, Blossom Capital, Endeavor Catalyst, and Singapore’s Sovereign Wealth Fund GIC.
With this funding round, Checkout.com has tripled its valuation reaching $15B (nearly £11B), which makes it the fourth largest global fintech, the most valuable venture-backed business in EMEA as it continues to expand internationally and also the largest unicorn of UK.
While Checkout.com’s profits will continue to be reinvested to power future growth, the fresh funding will be used to further grow its balance sheet and drive new innovative opportunities. With a total of $830M, the company allows for continued strategic investments and product developments like the Checkout.com Payouts solution which saw exponential growth over the last year.
Guillaume Pousaz, CEO and Founder of Checkout.com said: “This latest fundraise reflects our market-leading position and the size of our aspirations as we accelerate in our mission to empower merchants to build better products, drive more revenue and create innovative business models by reimagining interactions with financial services. Our new investors bring a wealth of experience across payments, technology and scaling companies – crucial knowledge for the next stage of our growth, as we continue to build our vision for the future of Connected Finance™.”
Scott Shleifer, Partner at Tiger Global Management said: “We are excited to partner with Guillaume and Checkout.com as they continue to build an innovative global payments and financial services platform trusted by leading internet companies. We believe the shift to digital commerce is still in the early stages, and Checkout.com’s focus on developing a best-in-class technology platform has positioned them to be a leader in the industry for years to come.
Focuses on future of payments
Checkout.com addresses challenges faced in payments by giving enterprise businesses the most proactive tools to drive best-in-class performance and more control through advanced data features, fraud management tools, and comprehensive reporting.
The Series C funding round comes at a time when the global economy looks beyond the pandemic. While many organisations have relied on one-size-fits all payment systems, the need to drive improved performance, gain transparency across payments and extract valuable information from data is increasingly becoming a competitive differentiator. Checkout.com’s cloud-based unified platform lets merchants to manage payins and payouts at scale, while achieving better performance and improved acceptance rates globally.
Checkout.com is used by leading e-commerce businesses such as Mango, Farfetch, L’Occitane, Victoria’s Secret and The Hut Group as they seek a fast, safe, reliable and adaptable platform providing granular access to data and the cost of every transaction.
Unveils new headquarters
Besides the funding round, Checkout.com announced that it will open a new office in New York. Initially, the company was launched in the US in 2017 and operates in San Francisco. Both the offices will fuel its ability to meet the growing demand for Connected Payments solutions in the US. Eventually, Checkout.com increases its focus on serving US enterprises involved in local, global and cross-border payments.
In addition to New York, Checkout.com also announced the opening of an office in Denver. Furthermore, the company will hire fresh talent as it plans to expand its team to over 700 in all locations this year.
Checkout.com has garnered the reputation as the most trusted technology provider behind many of the most valuable fintechs and cutting-edge businesses including Klarna, Revolut, Transferwise, Coinbase, and eToro. It is the backbone of the progressive business models among the leading fintechs, steaming services, and marketplaces.