Checkout.com raised $ 150 million in funding, valued at $ 5.5 billion.
That’s almost three times what it cost when he last raised money.
Founded in 2012, the London-based company sells a software platform that makes it easier for businesses to process and receive payments online. It competes with the American company Stripe and the Dutch payment processor Adyen.
Checkout.com mostly flew under the radar until 2019, when it first contracted with foreign investors to raise $ 230 million for a Serie A round. This deal – reportedly based on a ‘ handshake ‘ – gave the company the coveted status of a ‘unicorn’, valued at $ 2 billion.
Since then, the company has achieved impressive growth, increasing the volume of transactions by 250% in the last year and attracting customers with big names – such as the Singapore transportation app Grab and the online stock broker Robinhood in the US.
Checkout.com raised the new money in a B-series round led by Coatue, a technology-focused hedge fund backed by DoorDash and TikTok owner ByteDance. Existing investors Insight Partners, DST Global, Blossom Capital and Singapore’s sovereign wealth fund GIC also bought shares in the circle.
This means that Checkout.com is already on a par with the Swedish e-commerce lender Klarna and the British digital bank Revolut as the most valuable startups in Europe. There’s still a long way to go before they catch up with the Stripe, recently valued at $ 36 billion, and the publicly grieved Adyen, which has a market capitalization of $ 38 billion.
Checkout.com said it will use the additional capital to increase its balance sheet and invest in new products. The company made its first two acquisitions this year, buying French startup ProcessOut and Australian company Pin Payments.
“The way money moves in and out of business is changing fast, ” Checkout.com CEO Guillaume Puzas said in a statement.
“I believe that by solving the financial complexity, you can radically unlock innovation – starting with digital payments.”
Checkout.com claims to have been profitable since 2012. The company made a net profit of $ 2.3 million with revenue of $ 74.8 million for 2018.
750 people now work in 13 offices, recording approximately 50% staff growth.
The company claims that in recent months there has been a boost from the coronavirus pandemic, which has forced many companies to relocate their operations online. Bain & Company estimates that the acceptance of digital payments could increase by up to 10 percentage points to 67% of the value of global transactions by 2025.