Checkout.com reaches $5.5 bn valuation with new Series B fundraise
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UK-based payment solutions provider Checkout.com announced a $150 million Series B funding round today. This funding round will triple the value of the business to $5.5 billion. The funding round was led by Coatue along with the participation of existing investors, including Insight Partners, DST Global, Blossom Capital, and Singapore’s Sovereign Wealth Fund, GIC. The company also stated that its online transaction numbers have increased by 250% from May 2019 to May 2020.
The company’s CEO and Founder, Guillaume Pousaz, said, “I’m thrilled to welcome Coatue to our cap table. As meaningful investors in late-stage tech companies such as Instacart, DoorDash, Bytedance and Chime, they bring a wealth of experience in building world-class businesses driven by operational excellence. They share our vision for a future of connected payments which made them an obvious choice as partners for us.”
“The way money moves into and out of businesses is changing rapidly. I believe that by solving financial complexity, you can radically unlock innovation — starting with digital payments. At Checkout.com, we’ve built a technical architecture that enables pioneers to reinvent industries and redefine their relationship with consumers. Now more than ever, we are confident of our mission to build the connected payments that businesses deserve.”
Checkout.com said that it would use the funds to boost its balance sheet and will invest in the development of new products, including its upcoming advanced Payouts solution. It also aims to improve its capability of speeding up settlement times.
Kris Fredrickson, the Managing Partner at Coatue, said, “We have followed the business’ explosive growth and are inspired by Guillaume’s vision for the future of payments. We’re incredibly excited to partner for the next phase of the Checkout.com journey.”
Headquartered in London, Checkout.com offers enterprise businesses with global payment processing capabilities and direct access to domestic acquiring across payment methods and geographies. It processes around 150 currencies and provides access to all international cards and popular local payment methods to merchants through its integrated platform.
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