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British payments platform Checkout.com says it will channel the newly-acquired funding towards scaling up its operations across the board.
British fintech startup Checkout.com concluded a $1 billion Series D funding round on Wednesday. The recent exercise now puts the payments processor platform at a valuation of $40 billion. So far, Checkout.com has now raised a total of $1.8 billion to date.
Participating investors were Altimeter, Franklin Templeton, GIC, the Qatar Investment Authority, Dragoneer, Insight Partners, and the Oxford Endowment Fund. In addition, some of Checkout.com’s already existing investors also took part. They include Blossom Capital, Coatue Management, DST Global, Endeavor Catalyst, and Ribbit Capital. Furthermore, Checkout.com also acknowledged the presence of “another large west coast mutual fund management firm” in its investor pool.
Checkout.com says that it will use the fresh funds to enhance several facets of its core operations. These include beefing up operations in the US market, further developing its payment platform, and enhancing its Web3 initiative. As Guillaume Pousaz, founder and chief executive officer at Checkout.com put it:
“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.”
Checkout.com Funding Round is A Glowing Testament to The Company’s Profitable Track Record
Reports suggest that Checkout.com decided on the recent exercise while banking on its sustained track record of profitability. The British payment platform leveraged that by exchanging just 2.5% of its stock for an influx of $1 billion. This would exponentially thrust Checkout.com further ahead and allow it the means to “unlock the enormous untapped opportunity ahead.” According to Pousaz:
“By combining an elegant technology stack with industry expertise and an ‘extra-mile’ approach to service over the past decade, we’ve built deep partnerships with some of the world’s most innovative companies. Our Series D is validation of that work—but given we’re still in ‘chapter zero’ of our journey, it will also fuel our efforts to unlock the enormous untapped opportunity ahead.”
Checkout.com functions as a gateway and payment facilitator that lets businesses interact with it in several ways. In addition to processing payments directly on the site or via the app, users can also use hosted payment pages or utilize payment links.
Checkout.com also provides support for card payments, including Apple Pay, Google Pay, PayPal, Alipay, bank transfers, and SEPA direct debits. The fintech tends to focus on notable e-commerce and service merchants with a high transaction volume. Some of these include Netflix, Pizza Hut, Sony, Farfetch, Grab, NetEase, and Shein. In addition to this, Checkout.com also facilitates the payment stacks of a host of fintech unicorns. Some of these are Klarna, Qonto, Revolut, and WorldRemit.
Checkout.com also provides support for prominent crypto entities such as Coinbase, Crypto.com, FTX, and MoonPay. In addition, Meta’s blockchain-centric wallet Novi, and fan token provider Socios.com also utilize the British payment platform’s modular products. According to Checkout.com, it is currently beta-testing a proprietary solution for merchants to use digital currencies for transaction settlements.
Exactly a year ago, Checkout.com raised $450 million in a Series C round that then earned the company a $15-billion valuation.