The UK-based online international payments startup, Checkout.com, has bagged $150 million in its Series B funding round led by the US-based venture capital firm, Coatue. The latest investment will help the startup to take benefit of the current e-commerce boom and continued to compete with its Dutch competitor Adyen.
Alongside the new investor, the startup’s existing investors also participated, such as the US-based fintech firm, Insight Partners, Singapore’s Sovereign Wealth Fund, GIC, Hong Kong-based venture capital firm, DST Global, and the UK-based venture capital firm, Blossom Capital. The latest investment has brought the total valuation to $5.5 billion, making the startup as the most-highest valued fintech firm in Europe.
Amid the coronavirus pandemic and the lockdown, the startup secure hefty funding, and it also claims that its business is swiftly getting its move in online business as its transaction volume is increased 250% in May with rapid year-on-year growth.
In 2012, Guillaume Pousaz founded Checkout as one internal platform to accept more payment from around the world. In 2019, Checkout.com had received $230 million in funding and made a record of Europe’s largest investment of the year. To make an online payment, thousands of merchants, including the UK-based food delivery platform, Deliveroo, employed Checkout.com. It uses Checkout.com to process its online payments, connect it with main card offerers such as Mastercard or Visa. It also claims to be the fastest provider in more than 150 currencies.
In 2018, to a leading publishing firm, Checkout.com CEO Guillaume Pousaz said that they are the next Adyen.
The latest financing has put Checkout.com, in terms of valuation in the participation with fintech startup Revolut and Klarna. Checkout.com’s fintech collaboration includes Sweden-based Klarna, which has been enjoying several years of profitability.
In 2018, Checkout.com had recorded a $2.3 million in profits and building revenue of $74.8 million. In 2020, it has jumped 60% revenue from the year 2019. Over this, Checkout CEO says that he is setting the trend and plan to continue like this for several more years.
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