Checkout.com said it has reached a valuation of $15 billion after closing a $450-million Series C fundraising round, which makes it the fourth-largest fintech globally and the biggest venture-backed business in Europe, Middle East and Africa .
New York-based technology investor Tiger Global Management led the funding round. Greenoaks Capital also participated along with existing investors Insight Partners, DST Global, Coatue Management, Blossom Capital, Endeavor Catalyst, and Singapore’s Sovereign Wealth Fund GIC.
With a total of $830 million raised within the last two years, Checkout.com’s readily available cash represents one of the strongest balance sheets across all global fintechs. It also allows for continued strategic investments and product developments, like the Checkout.com Payouts solution which saw exponential growth over the last year.
“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,” said Guillaume Pousaz, CEO and founder of Checkout.com.
“Our new investors bring a wealth of experience across payments, technology and scaling companies – crucial knowledge for the next stage of our growth, as we continue to build our vision for the future of Connected Finance,” said Pousaz.
Checkout.com’s cloud-based unified platform enables merchants to manage payins and payouts at scale, while achieving better performance and improved acceptance rates globally. Its clients include Farfetch, Mango, Victoria’s Secret, L’Occitane and The Hut Group.
Also, the London-based firm has opened its New York City office, which complements its operations in San Francisco that started their US presence in 2017.
The company is also announcing an office in Denver. Globally, Checkout.com will hire an additional 700 people across all its locations in 2021.
“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,” said Scott Shleifer, partner at Tiger Global Management.
In June 2020, Checkout.com announced its Series B which valued the business at $5.5 billion and was led by technology fund Coatue Management. They also announced the acquisitions of ProcessOut and PinPayments, as well as a strategic investment in Thunes.