Checkout.com has closed a $1 billion Series D round and is now valued at a staggering $40 billion. This is an incredible figure, and the company has seen its value sore since January 2021 when a Series C round saw the company raise $450 million at a $15 billion valuation.
The new investment has made Checkout.com EMEA’s most valuable venture-backed business and the fourth-largest fintech in the world.
According to the company’s announcement, the recent round comes from Altimeter, Dragoneer, Franklin Templeton, GIC, Insight Partners, the Qatar Investment Authority, Tiger Global, the Oxford Endowment Fund as well as “another large west coast mutual fund management firm”.
Why is Checkout.com so valuable?
Not only that, but companies like TikTok and MoneyGram have been using Checkout.com’s payouts feature. This kind of company alongside its clientele in the large global enterprise has meant that the company has been able to offer its services at a high value.
In addition, the payment company has also made a profit for several years while expanding its operations in the US.
On top of this success, the payments industry is also incredibly profitable. Checkout.com has previously drawn attention to a report by McKinsey & Company that highlights the scale of the payments opportunity, with total global payments revenue reaching just under $2 trillion in 2019.
Equally, there is a need for a product that enables flexible international payments for e-commerce businesses. Research by Checkout.com and Oxford Economics found $20.3 billion was lost to false declines in payments in 2019 alone, and more than $12.7 billion was handed from first choice merchants to their competitors.
Checkout.com founder and CEO, Guillaume Pousaz, discussed the company’s value: “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.
“By combining an elegant technology stack with industry expertise and an ‘extra-mile’ approach to service over the past decade, we’ve built deep partnerships with some of the world’s most innovative companies.
Pousaz added: “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 also has big plans that justify its valuation. The company will expand in the US and create new solutions that “will comprise identity verification technologies, split payments, and treasury-as-a-service, as well as the existing capabilities of Payouts.”
CTO, Ott Kaukver, explained: “The expansion of our product roadmap is the result of years of dedicated work by our global platform and engineering teams.”
“As a product-first company with almost half our total headcount dedicated to technology roles, we’ll continue to drive this cadence of innovation. It unlocks additional opportunities across the entire payments value chain, which in turn helps us meet the needs of our merchants around the world.”
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