Checkout.com secures $150 million in Series B funding
Checkout.com has secured a $150 million Series B funding round, tripling the value of the online international payments business to $5.5 billion. 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.
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% in May 2020 over May 2019. With an exclusive focus on online payments, global lockdowns have further accelerated Checkout.com’s growth as businesses have rapidly pivoted online.
Checkout.com 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 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.