Checkout.com, which works in global payment solutions, has made an acquisition in French payment company ProcessOut, the company said in an emailed press release. Financial terms of the deal were not released.
The acquisition will mark a first for Checkout, which raised a Series A round of $230 million last year. That had the effect of valuing the company at almost $2 billion, making it Europe's largest FinTech Series A round to date.
ProcessOut is an alumnus of Techstars NY and 50 Partners accelerator programs, and boasts connections with clients like Glovo, Dashlane, Rakuten and Veepee, with which it has worked on international payment processing.
ProcessOut provides a technology in which clients can see a dashboard where they can monitor and benchmark payment processing capabilities, while a smart router works with payment processing tasks in real time, helping to reduce costs.
ProcessOut had over $20 billion worth of transactions analyzed last year, according to a press release.
Checkout.com founder and chief executive Guillaume Pousaz said they enjoy organic growth, but also respect companies that work with growth in different ways, and so the company thought an acquisition made sense. He said Checkout.com wanted to offer a more comprehensive set of reforms and actionable insights to give customers more options.
Pousaz also said ProcessOut's values aligned with Checkout.com's, and that they both hoped to work witn transparency for customers.
Manuel Huez, chief product officer and co-founder of ProcessOut, said he was excited to work with Checkout.com and wanted to work with "some of the largest merchants" to optimize efficiency going forward.
ProcessOut was founded in 2015 by a team of six French entrepreneurs including Huez.
In the acquisition, the company will join the larger Checkout.com in providing services for enterprise merchants processing payments globally, with conveniences such as a single integration and unified reporting.
Checkout.com also recently got permission to license in France. The license will register the company with the Banque de France and also allow them to offer more services and products to France and other Eurozone countries.