UK Fintech Checkout.com Valued At $15B With New Funding Round
Checkout.com, a fintech startup based in the UK, has announced that it’s raised a $450 million Series C round that values…
Checkout.com, a fintech startup based in the UK, has announced that it’s raised a $450 million Series C round that values it at $15 billion, a valuation that makes Checkout.com now the most valuable startup in Europe.
The $450 million round was led by the US-based investment firm Tiger Global, with participation from Greenoaks Capital and other existing investors including DST Global, Coatue Management, Endeavor Catalyst, and Insight Partners.
With its new funding, Checkout.com says it’ll open new offices in New York and Denver to further expand in the US. The new offices will make Checkout.com have three offices in the US, the third being one in San Francisco that it opened a few years ago.
Checkout.com is on an expansion spree and says that it’ll hire an additional 700 people in 2021. The company has raised $830 million in venture funding within the last two years and plans to put that money towards significant expansion.
Checkout.com offers a platform for enterprises to handle online payments. The company’s platform handles payment processing with needed features like fraud detection and invoice reporting.
Checkout.com says that it tripled its payment volume in 2020, thanks to the addition of over 500 new enterprise customers including the ride-hailing company Grab; the online luxury retailer Farfetch; fashion house H&M; and the pizza chain Pizza Hut.
Before this just-announced funding round, Checkout.com raised a Series B funding in June 2020 that valued it at $5.5 billion. Now, that valuation has nearly tripled to $15 billion post-money, hinting at good fortunes and business prospects for the company.