Checkout.com raises $1bn for 'Web 3.0' strategy, fintech valued at $40bn
The payments processor has landed the biggest fintech funding round in Europe, perhaps ever.
Checkout.com has raised $1bn in a Series D funding round, at a valuation of $40bn.
The company, which says it tripled payments volumes in 2021 for the third year in a row, meaning it has seen volumes increase at least 27 times since the start of 2019, last raised cash just under a year ago at half of the new valuation.
It counts the likes of Netflix, Farfetch, Grab, NetEase, Pizza Hut, Shein, Siemens and Sony; fintech unicorns such as Klarna, Qonto, Revolut and WorldRemit; and many of the world’s largest crypto players, including Coinbase, Crypto.com, FTX, and MoonPay as customers.
Primary investors include Altimeter, Dragoneer, Franklin Templeton, GIC, Insight Partners, the Qatar Investment Authority, Tiger Global, the Oxford Endowment Fund, and another large west coast mutual fund management firm. Several of the company’s other existing investors also participated in this round.
Alongside further investment in its tech, Checkout.com will be using the new vast cash haul to pursue a 'Web 3.0' strategy with Checkout.com’s founder and CEO Guillaume Pousaz saying the company is still in “chapter zero of our journey”.
“At our core, we help enterprise merchants to navigate the complexity of moving money around the world, whether in fiat currency or bridging the gap to Web3,” said Pousaz.
“By combining an elegant technology stack with industry expertise and an 'extra-mile' approach to service over the past decade, we've built deep partnerships with some of the world’s most innovative companies,” he added.