Checkout.com reaches $40 billion valuation with latest Series D funding
Checkout.com has raised $1 billion in its Series D funding round at a valuation of $40 billion. The Series D capital will strengthen an already solid balance sheet and drive three key initiatives: its ambitious growth plans for the US market; the continued evolution of its proprietary technology platform and solutions; and its goal to remain on the cutting edge of Web3.
After comprehensive testing with multiple global merchants over the past several months, Checkout.com plans to launch its solution to service marketplaces & payment facilitators (payfacs) later this year. This will expand the company’s capability to service payments within online marketplaces—a sector that has seen a dramatic increase in transaction volumes given the shift to digital during the pandemic and the expansion of the gig economy for several years prior.
These new solutions will comprise identity verification technologies, split payments and treasury-as-a-service, as well as the existing capabilities of Payouts—which Checkout.com launched last year to help merchants send funds to cards and bank accounts globally via a single integration. Since then the company has successfully processed billions of dollars in payout transactions for the likes of TikTok and MoneyGram.
With global ecommerce expected to keep outpacing the growth of traditional commerce especially with the adoption of emerging technologies like crypto currencies and NFTs, Checkout.com is continuing to strengthen its position in the Web3 space. The company’s payment rails already power the world’s leading crypto exchanges, representing almost 80 percent of the global trading volume. Its modular products and resilient platform are also used by fan token providers like Socios.com and blockchain-based wallets like Novi from Meta. In addition, the company is privately beta-testing an innovative solution to settle transactions for merchants using digital currencies.
Checkout.com founder and CEO, Guillaume Pousaz, said, “At our core, we help enterprise merchants to navigate the complexity of moving money around the world, whether in fiat currency or bridging the gap to Web3. By combining a technology stack with industry expertise and an 'extra-mile' approach to service over the past decade, we've built deep partnerships with some of the world’s most innovative companies. Our Series D is validation of that work—but given we’re still in ‘chapter zero’ of our journey, it will also fuel our efforts to unlock the enormous untapped opportunity ahead.”
Mo Ali Yusuf, Regional Manager for MENAP at Checkout.com, added, “This has been another exciting and dynamic period in MENA and Pakistan for Checkout.com. Ecommerce in the region is among the fastest growing in the world, fueled by a transformation of society centered around the convenience and value-add of digital commerce. Many traditionally cash-centric countries in the region are now converting to higher rates of digital payments. The region’s regulators are also supportive of fintech and payments innovation, look to drive digital payment adoption, and encourage collaboration and fair competition. Meanwhile, businesses continue to innovate, consolidate, and remove friction by introducing all-encompassing platforms that offer easy and frictionless payments—from car-fueling to grocery to food delivery.”
Since its Series C funding a year ago, Checkout.com has grown rapidly in its home market of EMEA, tripling the volume of transactions processed for the third year in a row.