Online payments start up Checkout.com has raised $230m, the largest amount ever raised from an early round fintech investment in Europe.
The series A fundraising for the London-based firm is also the third largest early-stage cash call in the world, giving the business a valuation of almost $2bn.
The investment was led by venture capital firms Insight Partners and DST Global, who are also investors in Twitter, Facebook and Alibaba.
Checkout.com allows firms to make payments in more than 150 currencies across all geographies and channels, including all major credit and debit cards, online banking, PayPal, Apple Pay and other eWallets. The start up uses proprietary technology on its platform to also provide fraud management tools, analytics and comprehensive reporting features.
The payments firm includes Samsung, Easygroup, Getty Images, Deliveroo, Transferwise, and Virgin Active among its clients.
Checkout.com said it will use the cash to expand into Asia and Latin America and continue its drive into markets in Europe, the US and the Middle East. It also added it would use the funds to move into new product areas.
The start up, launched in 2012, employs just under 350 staff in London and eight offices around the world, and expects to triple its workforce over the next three years.
Founder Guillaume Pousaz said: “We have been fortunate to have some of the world’s leading investors approach us for some time but our focus has remained on building the very best suite of products we can for our merchants on four continents. Having built a sustainable business, one hire at a time, it was crucial to find partners that share our vision of how enterprise businesses will consume financial services in the future.”
He added: “The capital will help us increase the speed at which we roll out new products to address our merchants increasingly complex needs. Performance in payments and data streams are key drivers of success for merchants.”
As part of the funding Insight Partners managing partner Deven Parekh joins the Checkout board.
Parekh said: “We’ve been following Checkout.com for some time and we have been impressed by their dedication to building the right product for their merchant customers, as well as their commitment to creating a profitable business. The payments world is changing rapidly and online payments will be the source of most financial services in future.”
Tom Stafford, managing partner at DST Global, added that the digital payments market expected to grow to $6trn by 2021.
Singapore’s sovereign wealth fund GIC, Blossom Capital and Endeavor Catalyst were among other investors who also took part in the funding round.
The next largest series A in European fintech was raised by British business bank Oaknorth in October 2017, netting $200m.