UK-based payments processing firm Checkout.com has soared to a $40 billion valuation after completing its Series D funding round on January 12. The figure is staggering given the company’s $15 billion valuation just a year ago.
The payments processor has raised approximately $1 billion from the latest round that saw participation from primary investors, including Altimeter, Dragoneer, Franklin Templeton, Tiger Global, Insight Partners, the Qatar Investment Authority, the Oxford Endowment Fund, and others.
Big news 📣
We've just closed our $1bn Series D funding round at a $40 billion valuation. It will help drive our US growth, our platform evolution, and exciting work in Web3 🚀
— Checkout.com (@Checkout) January 12, 2022
Launched in 2012, Checkout.com offers seamless online payment solutions using API and cloud-based solutions to several major companies. Apart from payments processing, the company also acts as a gateway, an acquirer, and a risk engine, emerging into a full-stack payments platform.
Customers include Netflix, Pizza Hut, Farfetch, Grab, Sony, along with major crypto industry players such as Coinbase, FTX, Crypto.com, and MoonPay. Checkout.com explained that its products and platform are also used by fan token provider Socios.com and Meta’s digital wallet Novi.
“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,” said Checkout.com founder and CEO, Guillaume Pousaz, in the announcement.
The company said it will use the funds to expand in the US market, launch marketplace solutions, and lastly, strengthen its leadership in Web 3.0. Checkout.com Chief Financial Officer Céline Dufétel said:
“Much like our approach in EMEA, we will maintain our focus on the enterprise—especially fintech, software, food delivery, travel, e-commerce and crypto merchants. We’re looking to help our US customers grow domestically and internationally, and to help our non-US customers expand into the market here.”
Checkout.com is currently testing a beta version of a system that lets merchants settle transactions in digital currencies, per the announcement.