Checkout.com, the London-based online payments software platform, has nearly tripled it worth to $5.5 billion following a $150 million round of fundraising, the company announced Monday (June 22).
The FinTech startup said its new valuation reflects a surge in demand for what it called “transformative online payment solutions” that perform across all geographies and channels. Checkout.com’s online transaction numbers had already soared by 250 percent in May compared to the same month last year.
The funds will be used to further its balance sheet, bringing available cash to more than $300 million, and develop new products, Checkout said.
“I’m thrilled to welcome Coatue to our cap table,” said Checkout CEO and founder Guillaume Pousaz in a statement. “As meaningful investors in late-stage tech companies…they bring a wealth of experience in building world-class businesses driven by operational excellence. They share our vision for a future of connected payments which made them an obvious choice as partners for us.”
Kris Fredrickson, Coatue’s managing partner, said he’s excited to partner with Checkout for the next phase of its journey.
“We have followed the business’ explosive growth and are inspired by Guillaume’s vision for the future of payments,” he said in a statement.
Checkout boasts a workforce of 750 who process more than 50 currencies in 13 offices globally.
In May, PYMNTS reported Checkout purchased Pin Payments. At the time, the company said the purchase allowed 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 is in a competitive arena whose other players include 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.