As technology advances, businesses that are aligned with tech innovations are reaping massively. Checkout.com, a London-based payment software service provider, has secured $150 million from its Series B funding boosting its valuation.
A great surge in companies’ valuation transcends borders as selected fintech and tech companies around the world are showing massive growth post-COVID-19. The digitization of businesses particularly in the financial services sector has seen a massive surge over the past decade. It is no doubt that the advancement of AI and blockchain technology has expedited this growth giving companies who integrated this technology a positive head start. Announcing proceeds from its Series B funding, London based software provider Checkout.com shows a triple valuation of up to $5.5 billion to become one of the world’s most valuable tech startups.
Checkout.com was built to revolutionize the payment system. Founded in 2012, the company created a payment system that can provide agile and seamless transactions. The company debuted to empower businesses becoming a principal partner of Mastercard Inc (NYSE: MA) and Visa Inc (NYSE: V) in 2013, Authorized as an Electronic Money Institution (EMI) in the UK in 2017, raising $230 million in record European Series A in 2019 while providing cutting edge service with its over 500 employees across 10 offices.
Series B Big Boost that Helps Checkout.com Valuation Skyrocket
The essence of businesses raising funds is fundamentally to raise funds to shore up its capital and checkout.com is not an exception. The Series B fundraising complements the company’s 250% boost in online transactions between May 2019 and May 2020.
“The Series B funding was led by Coatue, along with participation from existing investors, including Insight Partners, DST Global, Blossom Capital, and Singapore’s Sovereign Wealth Fund, GIC,” the announcement reads.
In addition, the company noted that:
“It will use these funds to further strengthen its balance sheet, bringing available cash to over $300m. Checkout.com will also invest in the development of new innovative products, including its upcoming advanced Payouts solution and the capability to accelerate settlement times. The Series B fundraise follows a record-breaking $230m Series A in May 2019, which was Europe’s largest fintech Series A round of funding ever.”
Checkout.com currently supports over 150 currencies, offering unrestricted access to international cards and payment methods via its integrated platform.
Companies offering essential services in today’s digital world have a higher potential of staying relevant with great potential for future growth. With Checkout.com striving to be a partner of key businesses providing similar service as it’s offering, it is on the right trajectory to experience further boosts in the coming years.