The Fintech firm has been able to triple or 3x its valuation for the second time and is currently valued at around $15 billion, which is almost $5 billion more than the second highest-valued Fintech firm Klarna. This makes Checkout.com the largest Fintech business in Europe and the fourth-largest Fintech firm, internationally.
Checkout.com’s funding round has been led by Tiger Global Management, which has also made strategic investments in companies such as Facebook, Zoom, Netflix and Spotify.
The round included contributions from new investor Greenoaks Capital and existing investors Insight Partners, DST Global, Coatue Management, Blossom Capital, Endeavour Catalyst and the Singapore Sovereign Wealth Fund.
Guillaume Pousaz, CEO and Founder at Checkout.com, stated:
“Payments affect everything from the customer journey to a business’s ability to enter new markets or launch new products. This latest fundraise reflects our market-leading position and the size of our aspirations as we accelerate in our mission to empower merchants to build better products, drive more revenue and create innovative business models by reimagining interactions with financial services.”
Checkout.com has catered to the COVID-19 related surge in online shopping. The company revealed that its earnings have almost doubled, increasing by around 96% to more than $146 million (up from slightly below $75 million during the previous year).
Scott Shleifer, Partner at Tiger Global Management, remarked:
“We believe the shift to digital commerce is still in the early stages, and Checkout.com’s focus on developing a best-in-class technology platform has positioned them to be a leader in the industry for years to come.”
Checkout.com has also added several major Fintechs to its roster such as Coinbase, eToro, Klarna, Revolut, and TransferWise. The Fintech firm has more than 1,000 professionals on its payroll across 17 business offices globally, with plans to recruit around 700 additional staff members across all its locations in the coming year.
Established in 2012, Checkout.com has secured $830 million in capital to date and offers payments processing services in over 150 different currencies. Checkout.com has also made two key acquisitions. It acquired French payment firm ProcessOut and Australia-based competitor PinPayments. Checkout.com has also invested in Singapore’s payment company Thunes.