London-based payments startup Checkout.com has tripled its market valuation to $5.5 billion after banking a $150m Series B funding round and has remained profitable in the eight years since its foundation in 2012.
Last year, Checkout.com has raised a record sum of $230m in Series A and secured the “unicorn” status for the company. With the recent Series B funding, the value jumped to $5.5bn. This reflects a growing business demand for transformative online payment solutions that perform across all geographies and channels.
Checkout.com’s proprietary technology offers enterprise businesses seamless and reliable global payment processing. The company collaborates with 500+ merchants including Revolut, Robinhood, Farfetch, Klarna and Remitly among others.
Series B round was led by Coatue Management, a New York hedge fund. The funding was also made by backers such as Singapore’s sovereign wealth fund, DST Global and Blossom Capital.
CEO and Founder, Guillaume Pousaz said: “I’m thrilled to welcome Coatue to our cap table. As meaningful investors in late-stage tech companies such as Instacart, DoorDash, Bytedance and Chime they bring a wealth of experience in building world-class businesses driven by operational excellence. They share our vision for a future of connected payments which made them an obvious choice as partners for us.”
Kris Fredrickson, Managing Partner at Coatue, said: “We have followed the business’ explosive growth and are inspired by Guillaume’s vision for the future of payments. We’re incredibly excited to partner for the next phase of the Checkout.com journey.”
Checkout.com has even made its first acquisitions following its Series A round, acquiring French payment company ProcessOut in February and Australian start-up, Pin Payments, in May. The business also announces two people moves – Olivia Broderick joined as General Counsel and Mike Benchimol becomes COO.