Investments

Checkout.com Raises $230M At $2B Valuation

investments

Payments solution company Checkout.com has raised $230 million in a recent fundraising round, a number that heightens its valuation to almost $2 billion, according to a report by Reuters.

Participants in the round included Singapore’s sovereign wealth fund GIC, New York’s Insight Partners and Hong Kong’s DST Global.

The London-based company said Deven Parekh, who was an early investor in Twitter, Alibaba and JD.com, as well as being a managing partner at Insight Partners, is going to take a seat on the Checkout.com board.

“Checkout.com’s proprietary technology helps fast growing businesses have seamless and reliable global payment processing for both companies and consumers,” the company said in a blog post. “The business offers direct access to domestic acquiring across payment methods and geographies, including all major credit and debit cards, online banking, PayPal, Apple Pay and other eWallets. This is achieved through a single, unified integrated platform which also provides fraud management tools, analytics and comprehensive reporting features.”

“We have been fortunate to have some of the world’s leading investors approach us for some time but our focus has remained on building the very best suite of products we can for our merchants on four continents. Having built a sustainable business, one hire at a time, it was crucial to find partners that share our vision of how enterprise businesses will consume financial services in the future,” company Founder Guillaume Pousaz said said in the blog post. “We have anticipated this from our early days and have designed Checkout.com’s platform from the outset so that we can easily deliver incremental services to our customers as the company expands its offering.”

He added, “The capital will help us increase the speed at which we roll out new products to address our merchants increasingly complex needs. Performance in payments and data streams are key drivers of success for merchants. Our objective remains to help our customers to grow their businesses, by providing them with the solutions and insights they need to win market share.”

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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