London-based global payment provider Checkout.com has purchased Pin Payments, an Australian startup, the companies announced Tuesday (May 26).
Terms of the deal were not disclosed.
The purchase allows Checkout access to Australia’s $33 billion eCommerce market and expands the company’s reach in the Asia Pacific region of the globe.
Checkout.com faces competition from Stripe, a San Francisco technology company that allows businesses to make and receive payments over the internet, and Adyen, a Dutch payment company that provides businesses a way to accept eCommerce, mobile and point-of-sale payments.
Founded in 2013 by Grant Bissett and Dominic Pym, Pin Payments serves more than 12,000 businesses across Australia and New Zealand. It supports eCommerce platforms and shopping carts including WooCommerce, Shopify, BigCommerce and Magento by providing a way for companies to accept card payments from customers.
Saying Pin Payments was the first unified approach to payments for small and medium-sized businesses (SMBs) in Australia, the acquisition announcement said the firm crafted developer-friendly technology and a streamlined process to reduce time to market from weeks to days.
The acquisition provides Pin Payments’ SMB merchants with improved payments’ performance and international growth opportunities, the companies said.
Bissett said Pin Payments was born out of a desire to offer businesses a simple way to get paid online and be on a level playing field with the competition.
“This marks the next natural move for us and offers our merchants access to Checkout.com’s global acquiring footprint,” Bissett said in a statement.
Checkout Founder and CEO Guillaume Pousaz said Australia is a key market for the firm’s business.
“The acquisition of Pin Payments represents our investment to serve Australian entrepreneurs with world-class technology and a truly global acquiring network,” Pousaz said in a statement. “In Pin Payments, we found an awesome team who shared a similar dedication to solving problems for businesses with innovative financial technology.”
In February, as reported here, Checkout bought ProcessOut, a French payment company, for an undisclosed sum. It was the first acquisition for Checkout.com, which raised a Series A round of $230 million last year. The transaction valued the company at nearly $2 billion, making it Europe’s largest FinTech Series A round at the time.
Late last month, Checkout was the first payments firm to join Facebook’s Libra Association after Visa, Mastercard and Stripe exited the program in October. The group was founded by Facebook to launch the social media company’s entry into digital currency.