Checkout.com Triples Valuation to $5.5bn in Series B Fundraise
22 Jun, 2020, 05:01 BST
- Checkout.com named as one of the most valuable fintechs globally
- The profitable payments business adds 500+ new enterprise customers including Grab, Revolut, Careem, Glovo, Robinhood, Farfetch, Klarna and Remitly
- It saw a 250% boom in online transactions between May '19 and May '20
- Societal shift from offline to online commerce accelerates, fueling business growth
LONDON, June 22, 2020 /PRNewswire/ -- 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 $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.
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. Unlike many 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. 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 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. Checkout.com's proprietary technology offers enterprise businesses seamless and reliable global payment processing. The business offers direct access to domestic acquiring across payment methods and geographies. This is achieved through a single, unified integrated platform that gives enterprise businesses better performance and more control through advanced data features, fraud management tools, and comprehensive reporting.
CEO and Founder, Guillaume Pousaz said: "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. They share our vision for a future of connected payments which made them an obvious choice as partners for us.
"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."
Kris Fredrickson, Managing Partner at Coatue, said: "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."
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 been advised in this transaction by Wilson Sonsini Goodrich & Rosati. Checkout.com has acquired two businesses this year, ProcessOut in February and Australian start-up, Pin Payments, in May. The business also announces two people moves – Olivia Broderick joined as General Counsel and Mike Benchimol becomes COO.
Checkout.com empowers businesses to adapt, innovate, and thrive with the connected payments they deserve. The company's technology makes payments seamless. Flexible solutions, granular data, and instant insights help global enterprises launch new products in new markets and create outstanding customer experiences. They provide the fastest, most reliable payments in more than 150 currencies, with in-country acquiring, world-class fraud filters and reporting, through one API. And they can accept all major international credit and debit cards, as well as popular alternative and local payment methods. Checkout.com launched in 2012 and now has a team of 750 people across 13 offices worldwide, offering local expertise where it's needed. Find out more at www.checkout.com
Coatue, founded by Philippe Laffont and Thomas Laffont in 1999, is one of the largest dedicated technology funds in the world with offices in New York, Menlo Park, San Francisco and Hong Kong. Coatue currently manages approximately $17 billion in assets on behalf of individuals, endowments, foundations, and other institutional investors.
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