Guillaume Pousaz. — Photo provided
Global payment processor hits $40 billion valuation, raising $1.8 billion total to date
On the heels of a highly successful year of processing hundreds of billions of dollars in payments for some of the world’s largest merchants, Checkout.com today raised $1 billion in its Series D funding round for a valuation of $40 billion.
Major investors include Altimeter, Dragoneer, Franklin Templeton, GIC, Insight Partners, Qatar Investment Authority, Tiger Global, Oxford Endowment Fund and another major West Coast mutual fund management company. Several other existing investors in the company1 also participated in this funding round.
Checkout.com offers a comprehensive online platform that simplifies payment processes for large global businesses. This supports its mission to enable businesses and their communities to thrive in the evolving digital economy.
As the company has been profitable for several years, the Series D capital will strengthen an already strong balance sheet and drive three key initiatives: its ambitious growth plans for the US market; the continued evolution of its technology platform and proprietary solutions; and its goal to stay at the forefront of Web3. The news sees Checkout.com more than double its valuation since Series C a year ago. During this period, it experienced rapid growth in its home market in EMEA, tripling the volume of transactions processed for the third consecutive year. Today, the company serves large-scale e-commerce and service merchants like 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.
Over the past year, Checkout.com has opened new offices in six countries on four continents to meet growing merchant demand. It also expanded its leadership team in the United States and Europe with a new CFO, CHRO, CMO, CPO, CRO and CTO, while increasing its overall employee base to more than 1,700 people in 19 countries.
“Basically, we’re helping enterprise merchants navigate the complexities of moving money around the world, whether in fiat currency or bridging the gap with Web3,” said Guillaume Pousaz, Founder and CEO. from Checkout.com.
“Combining a sleek 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. Our Series D is the validation of this work, but given that we are still at “Chapter Zero” in our journey, it will also fuel our efforts to unlock the huge untapped opportunity that lies ahead.
Scale to meet US demand
With the United States being one of the largest e-commerce markets in the world, Checkout.com has invested heavily in its nationwide technology infrastructure and today offers a comprehensive proprietary end-to-end payment processing platform in the States. -United.
This offers the same unparalleled performance, improved authorization rates, and feature parity of the market-leading platform that the company offers to merchants in other countries. It also makes Checkout.com one of the only providers in the United States to offer a fully cloud-based platform directly connected to local networks in all key geographies and for all major alternative payment methods.
“We have long faced substantial demand to serve the US market, and with our D-Series, we are doubling down on our commitment to evolving our platform, our partnerships and our products for customers here,” said the director. New York-based Checkout.com financier Céline Dufetel.
“Much like our approach in EMEA, we will continue to focus on the enterprise, particularly fintech, software, food delivery, travel, e-commerce and crypto merchants. We seek to help our US customers to grow domestically and internationally, and to help our non-US customers grow in the market here.We are excited about the potential and expect our North American employee base to grow by 200% this year only.
Evolution of the platform for marketplaces
After extensive testing with several global merchants over the past few months, Checkout.com plans to launch its solution to serve marketplaces and payment facilitators (payfacs) later this year. This will broaden the company’s ability to service payments in online marketplaces, an industry that has seen a dramatic increase in transaction volumes given the pandemic shift to digital and the expanding gig economy. for several years before.
These new solutions will include identity verification technologies, split payments and cash-as-a-service, as well as existing Payouts capabilities, which Checkout.com launched last year to help merchants send funds to cards and bank accounts worldwide through a single integration. Since then, the company has successfully processed billions of dollars in payment transactions for TikTok and MoneyGram.
“The expansion of our product roadmap is the result of years of dedicated work by our global platform and engineering teams,” said Ott Kaukver, CTO of Checkout.com. “As a product-oriented company with almost
half of our total workforce dedicated to technology roles, we will continue to drive this pace of innovation. This opens up additional opportunities across the entire payments value chain, helping us meet the needs of our merchants around the world.
A generational opportunity in Web3
As global e-commerce is expected to continue to outpace the growth of traditional commerce, especially with the adoption of emerging technologies such as cryptocurrencies and NFTs, Checkout.com continues to strengthen its position in the web3 space.
The company’s payment rails already power the world’s major crypto exchanges, accounting for nearly 80% of global trading volume. Its modular products and resilient platform are also used by fan token providers like Socios.com and blockchain-based wallets like Meta’s Novi. Additionally, the company is privately testing an innovative solution to settle merchant transactions using digital currencies.
“Checkout.com is a massive market leader in next-generation payment solutions and the key digital payments partner for many large global enterprises. As a long-term investor, we are impressed with the company’s product innovation and customer-centric approach,” said Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC, the sovereign wealth fund. from Singapore. “That’s why we’ve been committed to its long-term future since Series A and why we’re part of Series D. We believe Checkout.com is just getting started. And we look forward to leverage GIC’s global network and our Bridge Forum platform to support Guillaume and his exceptional team for many years to come. — [email protected]