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Checkout.com triples valuation to $15b with $450m Series C

Dubai - Checkout.com becomes EMEA’s most valuable venture-backed business and fourth largest fintech globally.

The cloud-based payments technology business tripled its payment processing volume YoY in 2020, adding 500+ new enterprise customers. — Supplied
The cloud-based payments technology business tripled its payment processing volume YoY in 2020, adding 500+ new enterprise customers. — Supplied

A Staff Reporter

Published: Tue 12 Jan 2021, 5:17 PM

Checkout.com has closed a $450 million Series C fundraising round, which gives the business a post-money valuation of $15 billion, making it the fourth largest fintech globally and EMEA’s most valuable venture-backed business, as the business continues to expand across the globe.

The Series C was led by Tiger Global Management, LLC, a New York-based technology investor that partners with dynamic entrepreneurs operating market-leading growth companies, including Facebook, LinkedIn, Spotify, ByteDance, and JD.com. Greenoaks Capital also joined the round along with participation from existing investors Insight Partners, DST Global, Coatue Management, Blossom Capital, Endeavor Catalyst, and Singapore’s Sovereign Wealth Fund GIC.

Guillaume Pousaz, chief executive officer and founder of Checkout.com said: “Payments affect everything from the customer journey to a business’s ability to enter new markets or launch new products. 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.”

In addition to today’s Series C funding announcement, Checkout.com is announcing the opening of its New York City office. The company first launched in the US in 2017 and has operations in San Francisco. Together, the bicoastal offices will power the organisation’s ability to meet the growing demand in the US for Connected Payments solutions, as Checkout.com increases its focus on serving US-based enterprises in domestic, global and cross-border payments. The company is also announcing an office in Denver. Globally, Checkout.com will hire an additional 700 people across all its locations in 2021.

Checkout.com’s transformative approach to payments and payouts has garnered its 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. With a platform that can support both best-performing global payments and payouts, Checkout.com has become the backbone of the world-beating progressive business models, among the leading fintechs, steaming services, and marketplaces.

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.”

In June 2020, Checkout.com announced its Series B which valued the business at $5.5 billion and was led by technology fund Coatue Management. In 2020, it also announced the acquisitions of ProcessOut and PinPayments, as well as a strategic investment in Thunes. — business@khaleejtimes.com

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