Published On: Tue, Jun 23rd, 2020

Checkout.com raises valuation to $5.5bn with $150m Series B round

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British fintech company Checkout.com has bagged an investment of $150 million in a Series B funding round led by US-based investment manager Coatue to help expand its online international payments business.

The latest fund raising round is said to have increased the value of the London-based payments solutions company threefolds to $5.5 billion.

Also taking part in the funding round were existing investors – Insight Partners, DST Global, Singaporean state-owned wealth fund GIC, and Blossom Capital.

In May 2019, Checkout.com secured an investment of $230 million in a Series A funding round.

Kris Fredrickson – Managing Partner at Coatue said: “We have followed the business’ explosive growth and are inspired by Guillaume’s vision for the future of payments. We’re incredibly excited to partner for the next phase of the Checkout.com journey.”

Checkout.com plans to use the proceeds from the Series B round to further bolster its balance sheet to increase its available cash to over $300 million. Apart from that, the payments solutions company will invest in developing new products that includes an advanced payouts solution and to gain the capability to fast track settlement times.

Through its integrated platform, the British fintech company is said to process more than 150 currencies while giving access to all international cards and popular domestic payment methods to merchants.

Checkout.com, which was advised in the transaction by Wilson Sonsini Goodrich & Rosati, acquired ProcessOut in February 2020 and Australia-based Pin Payments in May.

Guillaume Pousaz – Checkout.com CEO and Founder said: “I’m thrilled to welcome Coatue to our cap table. As meaningful investors in late-stage tech companies such as Instacart, DoorDash, Bytedance and Chime 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.

“The way money moves into and out of businesses is changing rapidly. I believe that by solving financial complexity, you can radically unlock innovation — starting with digital payments. At Checkout.com, we’ve built a technical architecture that enables pioneers to reinvent industries and redefine their relationship with consumers. Now more than ever, we are confident of our mission to build the connected payments that businesses deserve.”

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