By Aisling Finn on Tuesday 12 January 2021
To date, Checkout.com has raised $830m and has seen its valuation jump by $10bn in less than a year.
Payment processing firm Checkout.com has once again become Europe’s highest valued fintech following a massive $450m Series C fundraise.
The fintech has tripled its valuation for the second time and is now valued at $15bn, nearly $5bn more than the next highest-valued fintech Klarna, making it the largest in Europe and the fourth largest fintech globally.
Checkout.com’s latest raise was led by Tiger Global Management, which has invested in the likes of Facebook, Zoom, Netflix and Spotify.
The also saw involvement from new investor Greenoaks Capital and existing investors Insight Partners, DST Global, Coatue Management, Blossom Capital, Endeavour Catalyst and Singapore’s Sovereign Wealth Fund.
Guillaume Pousaz, CEO and founder of Checkout.com, said: “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.”
Checkout.com has benefitted from the Covid-19 related online shopping boom, seeing its revenues nearly double, jumping up by 96 per cent to over $146m up from just under $75m the year before.
Scott Shleifer, partner at Tiger Global Management added: “We believe the shift to digital commerce is still in the early stages, and Checkout.com’s focus on developing a best-in-class technology platform has positioned them to be a leader in the industry for years to come.”
Checkout.com now employs over 1,000 people across 17 offices worldwide, with plans to hire another 700 people across all locations in the next 12 months.
Founded in 2012, Checkout.com has raised $830m to date and provides payments in more than 150 currencies.
As well as riding the online shopping boom, Checkout.com also made two acquisitions, buying French payment company ProcessOut and Australian rival PinPayments as well as making a strategic investment in Singapore-based payment firm Thunes.