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The Checkout.com Series C funding was led by Tiger Global Management.
Checkout.com closed a $450 million Series C round to reach a $15 billion valuation. The cloud-based payments technology company was founded in London in 2012. It focuses on a lot of payment-related functions like approving and processing payments and fraud detection and prevention. It works with e-commerce giants like Farfetch, Mango, Victoria’s Secret, L’Occitane and The Hut Group. Checkout.com endeavors to make its product as customizable as possible to enable clients to integrate it seamlessly into their product.
In May 2019, Check out.com raised $230 million in Series A funding at a valuation of almost $2 billion. The round was co-led by Insight Partners and DST Global. Other investors were: GIC, the Singaporean sovereign-wealth fund, Blossom Capital, Endeavor Catalyst. It remains one of the largest Series A rounds for a European firm.
Series B saw the company raise $150 million in funding, rocketing its value to $5.5 billion. In addition to almost tripling the company’s value, the new round of funding also makes Checkout.com the “fourth-largest FinTech in the world and the most valuable venture-backed business across the region of Europe, the Middle East, and Africa (EMEA)”.
Founder and CEO Guillaume Pousaz in a press statement made available Tuesday noted that this latest funding round “reflects our market-leading position”.
“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,” said the CEO.
The Checkout.com Series C funding was led by Tiger Global Management. The New-York tech investor also partners with Facebook, LinkedIn, Spotify, ByteDance, and JD.com and other market leaders. Other Series C investors are Greenoaks Capital, Insight Partners, DST Global, Coatue Management, Blossom Capital, Endeavor Catalyst and Singapore’s Sovereign Wealth Fund GIC.
The funding will help in Checkout.com’s continued growth. The payments company had 440 employees as of January 2020 and 940 by December 2020. It has plans of adding 700 employees to the team this year.
Raising capital could also aid the company’s goal of expanding to other countries. It is currently regulated in the United Kingdom, France, Hong Kong, Brazil and Singapore and seeks to expand into the Philippines and India. To get a license from the regulator in the Philippines, for example, a company needs cash on its balance sheet.
Checkout.com expects continual growth. Pousaz asserts that the company will grow by at least 80% in 2021. This is according to the company’s forecasting based on clients who are currently in the process of incorporating Checkout.com into their business.