Fintech unicorn Checkout.com hits $40bn valuation

The London-based startup will use the funding to scale its US operations and further its involvement in Web3

Checkout.com on computer screen                                 
Checkout.com has become the UK’s most valuable fintech startup after overtaking challenger bank Revolut - Photo: Shutterstock
                                

European payments processor Checkout.com has raised $1bn in a new Series D funding round which brings the company’s valuation to $40bn, it announced via a company statement by CEO Guillaume Pousaz. The startup has almost tripled in valuation since its $450m Series C round last year, which saw the startup hit a $15bn valuation. 

The round was led by prominent tech VC firm Tiger Global - which is also an investor in its rival Stripe - with participation from Altimeter, Dragoneer, Franklin Templeton, GIC, Insight Partners, the Qatar Investment Authority, and the Oxford Endowment Fund.

The company confirmed that “another large west coast mutual fund management firm” also participated in the round, as well as several of its existing investors.

Billion-dollar business

Checkout.com processes payments for some of the world’s biggest brands such as ecommerce giant Farfetch and Swedish retailer H&M. It's currently powers fintech unicorns such as Revolut and WorldRemit, as well as some of the world’s largest crypto players such as Coinbase, Crypto.com and MoonPay. 

Following its Series D round, the startup has become the UK’s most valuable fintech startup after overtaking challenger bank Revolut who held the number one spot with a $33bn valuation. It edges closer to rival its Swedish counterpart Klarna, which is currently valued at $46bn, and one of the biggest fintech startups globally.

Checkout.com founder and CEO Guillaume Pousaz commented: “At our core, we help enterprise merchants to navigate the complexity of moving money around the world, whether in fiat currency or bridging the gap to Web3.

“Our Series D is validation of that work—but given we’re still in ‘chapter zero’ of our journey, it will also fuel our efforts to unlock the enormous untapped opportunity ahead.”

“Checkout.com is a leader in the massive market for next-gen payment solutions and the key digital payments partner for many of the world’s leading companies,” added Choo Yong Cheen from GIC, Singapore’s sovereign wealth fund.

“We believe Checkout.com is still just getting started. And we look forward to leveraging GIC’s global network and our Bridge Forum platform to support Guillaume and his exceptional team for many years to come.”

Supporting the growth of Web3

Founded in 2012, the London-based startup has more than 1700 employees across 19 offices and has raised a total of $1.8bn to date. It confirmed that it aims to use the funding to scale its operations in the US and develop its involvement in the Web3 space. 

The announcement by CEO Pousaz stated that the funding will help the fintech scale operations to meet the growing demand in the US and help evolve the platform "with solutions for marketplaces and payfacs" and help strengthen the company's position in Web3, which would represent a market value in the tens of trillions of dollars, the company confirmed.

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