Digital payments processing Fintech Checkout.com has reportedly cut staff members following significant sales losses.
UK-headquartered payments processing Fintech Checkout.com has slashed nearly a quarter of its professional work-force after a considerable decline in reported revenue.
As indicated in Checkout.com’s accounts for the financial year 2023, the Fintech company saw its processing transactions decline by a substantial 13% to $204 million and gross profits dropped by as much as 23% to $57 million during the same timeframe.
Checkout.com has claimed that the reported losses were primarily driven by the termination of “a large merchant initiated by the company.”
The company had parted ways with the world’s largest digital currency exchange Binance back in 2023 due to issues related to money laundering, a decision that resulted in Binance’s management pursuing legal action.
Checkout.com has also mentioned that cryptocurrency transactions are not a key focus area for the firm and account for merely 4% of its total volume.
Chief product officer Meron Colbeci explained that if they get distracted, if they try too many things, then it could takes away from their core business.
According to a report from UKTN, Checkout.com’s headcount has now been reduced by 230 to around 1,083 by the end of 2023.
The Fintech firm also saw its valuation fall considerably from a $40 billion high back in 2022 to only $9.35 billion only a year afterwards.
As covered in November 2024, global digital payments company, Checkout.com, announced its expansion into Japan supported by new direct acquiring capabilities.
This move reflects Checkout.com’s commitment to delivering payment solutions across APAC, designed to meet the needs of domestic and global merchants.
To lead this expansion, Checkout.com has appointed Noriko Sasaki as Country Manager for Japan.
Noriko brings experience in the financial services and consulting industries, and has held roles at Citigroup as well as at PwC and Accenture.
With a background in payment solutions, banking services, and enterprise transformation, she is well-positioned to “lead Checkout.com in delivering tailored payment solutions that meet the specific needs of both domestic and international businesses in Japan.”
Leveraging direct acquiring capabilities in Japan, Checkout.com is in a position to deliver performance improvements in acceptance rates for merchants, supported by relationships with banks and issuers.