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Wednesday 13 January 2021

Latest funding makes Checkout.com Europe's top fintech

Checkout.comUK based, cross-border payments provider, Checkout.com, has raised $450m in funding as it looks to expand its global reach. The Series C investment, which suggests a £15bn valuation, was led by Tiger Global Management, with participation from Greenoaks Capital as well as a number of existing investors.

The company was founded in 2012 by its charismatic French CEO, Guillaume Pousaz, who started the business whilst working in the US payments industry and surfing the beaches of San Diego. The company facilitates cross-border payments for e-commerce and provides direct access to domestic acquiring across all geographies and payment methods.

The service provided by Checkout.com is built on the company’s own proprietary technology and provides transparency across the payment value chain. The company authenticates and encrypts data and accelerates transactions by de-layering the payment process, thus helping users of the service to optimise costs. About half of Checkout.com’s business currently comes via Europe. The company is now looking to expand in the US and grow its operations in Asia and the Middle East.

Checkout.com has enjoyed stellar growth in a short space of time, demonstrating the massive potential of the payments market. Less than 2 years ago the company was valued at £2bn and it has now become Europe’s most valuable fintech. Similar to the likes of Stripe and Klarna (see: Klarna karma as Europe’s biggest fintech eyes IPO), the company’s fortunes are closely allied to the burgeoning eCommerce market in which the potential for further growth is apparent.

CurveMeanwhile another London-based payments innovator, Curve, has raised an additional $95m (£70m) via a Series C funding round (see: Curve set for cash call as economy slows). Like Checkout.com, Curve also plans to use the funding to tap into lucrative growth markets overseas, including to the US as it promotes the convenience of its card consolidator, proposition.

Posted by: Jon C Davies

Tags: funding   checkout.com   curve  

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