After a hugely successful year processing hundreds of billions of dollars in payments for some of the world’s largest digital merchants, checkout.com today announced the closing of a Series D financing round worth $1 billion, which means a company valuation at $40 billion.

Checkout.com offers a complete online platform that simplifies payment processes for the world’s largest commerce companies. With the company now profitable for several years, the Series D capital will bolster its already strong balance sheet and drive three key initiatives: its ambitious growth plans in the US market; the continuous evolution of its proprietary technology platform and its solutions; and its goal to stay ahead of the Web3.

Major investors include Altimeter, Dragoneer, Franklin Templeton, GIC, Insight Partners, Qatar Investment Authority, Tiger Global, Oxford Endowment Fund and a large US West Coast mutual fund management company. Many of the company’s current investors have also participated in this round.

The announcement causes Checkout.com to double its valuation since Series C a year ago. In this time, it has posted rapid growth in EMEA, its home market, tripling the volume of transactions it processes for the third consecutive year. Today, the company serves large e-commerce and service companies such as Netflix, Farfetch, Grab, NetEase, Pizza Hut, Shein, Siemens, and Sony; fintech unicorns like Klarna, Qonto, Revolut and WorldRemit; and many of the big players in the cryptocurrency market, such as Coinbase, Crypto.com, FTX, and MoonPay.

Over the past year Checkout.com has also opened new offices in six countries on four continents to serve growing demand from merchants. Too strengthened its management team in the US and Europe with the appointment of a CFO, a CHRO, a CMO, a CPO, a CRO and a CTO, while growing its workforce to over 1,700 employees in 19 countries.

At its core, we help businesses deal with the complexity of moving money around the world, whether it’s in fiat currency or bridging to Web3”, comments the CEO and founder of Checkout.com, Guillaume Pousaz.

Over the last decade, combining an elegant technological proposal with industry expertise and an attitude of always going one step further in service, we have created strong agreements with some of the most innovative companies in the world. Our Series D is validation of that work, although we are still at ‘chapter zero’ of our history, and it will also drive our efforts to seize the huge untapped opportunity that lies ahead.“.

Scale to meet US demand

As the US is one of the world’s largest e-commerce markets, Checkout.com has invested heavily in its technology infrastructure there, and today offers a complete proprietary payment processing platform in the US.

This offers the same unmatched performance, best authorization rates and features that the market leading platform offers to merchants in other countries. also converts to Checkout.com one of the only providers in the US to offer a fully cloud-based and connected platform directly to local networks in all key geographies and for all major alternative payment methods.

We have long faced a significant demand for service in the US market, and with the D Series we redouble our commitment to scale our platform, alliances and products for our customers here.“, Add Céline Dufétel, CFO of Checkout.com based in New York.

As with our focus on EMEA, we will continue to focus on large companies, especially fintech, software, food delivery, travel, e-commerce and cryptocurrencies. We want to help our US customers grow domestically and internationally and help our non-US customers break into this market. We see great potential, and we expect our workforce to grow 200% in North America this year alone.

Evolution of the platform for marketplaces

After extensive testing with multiple merchants around the world over the past few months, Checkout.com plans to launch its solution to serve marketplaces and payment facilitators (payfacs) later this year. This will expand the company’s ability to service payments within marketplaces, a sector that has seen a dramatic increase in transaction volumes due to the shift to the digital world during the pandemic and the expansion of the gig economy. several years.

These new solutions will include identity verification, split payment and treasury-as-a-service technologies, as well as the existing capabilities of Payouts, which Checkout.com launched last year to help merchants send funds to cards and bank accounts globally through a single integration. Since then, the company has successfully processed billions of dollars in transactions for the likes of TikTok and MoneyGram.

The expansion of our product roadmap is the result of years of work by our global platform and engineering teams.“, comments Ott Kaukver, CTO of the company. “As a product-first company, with nearly half of our workforce dedicated to technology functions, we will continue to drive this pace of innovation. This opens up new opportunities across the payments value chain, which in turn help us meet the needs of our customers around the world.”.

Opportunities in Web3

With global e-commerce expected to continue to outperform traditional commerce, especially with the adoption of emerging technologies like cryptocurrencies and NFTs, Checkout.com continues to strengthen its position in the Web3 space.

The company’s payment channels already serve the world’s leading cryptocurrency exchanges, which account for nearly 80% of global market volume. Its modular products and flexible platform are also used by token providers like Socios.com and blockchain-based wallets like Meta’s Novi. In addition, the company is beta-testing an innovative solution for settling merchants’ transactions using digital currencies.

LEAVE A REPLY

Please enter your comment!
Please enter your name here