London-based payments startup Checkout.com has tripled its valuation and become Europe’s joint most-highest valued fintech, after closing its Series B funding round.
The company brought in $150m in funding from investors at a $5.5bn valuation, buoyed by a strong boom in demand amid lockdown. The company says its transaction volumes in May were up by 250% year-on-year, with businesses rapidly moving online.
Founded in 2012, Checkout.com made headlines last year after a record $230m Series A round — the largest of its kind in Europe. Checkout.com helps thousands of merchants like Deliveroo process their online payments, connecting them with main card providers like Visa or Mastercard — claiming to be the fastest provider in over 150 currencies.
The latest show of investor support will help Checkout.com take advantage of the current e-commerce boom and continued to rival Adyen — its Dutch competitor which went public in 2018 and has since seen its shares soar in value.
“We’re the next Adyen,” Checkout.com chief executive Guillaume Pousaz told the Financial Times in 2018.
The Series B funding was led by Coatue, along with participation from existing investors, including Insight Partners, DST Global, Blossom Capital, and Singapore’s Sovereign Wealth Fund, GIC.
Checkout.com was bootstrapped for its first 7 years run by Pousaz, who is Swiss but is based in the UAE.
Europe’s top fintechs
The latest raise puts Checkout.com on par with fintech peers Revolut and Klarna in terms of valuation.
Checkout.com joins a small handful of fintechs — including Klarna — which have enjoyed several years of profitability.
Checkout.com posted $2.3m in profits in 2018, building on revenues of $74.8m. This was a 60% jump in revenue from the previous year; a trend its CEO says he plans to continue for several more years.
Klarna posted profits of $10m revenues on $561m in revenues in 2018.
Meanwhile, Revolut posted heavy losses on revenues of £58.2m.
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June 22, 2020 at 11:00AM
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