European payments solution provider Checkout.com has reached a $40bn valuation, after it closed a colossal $1bn in its Series D.
The valuation has more than doubled in the past year. Checkout.com was previously valued at $15bn in January 2021, following a $450m Series C round.
Primary investors to the Series D include Altimeter, Dragoneer, Franklin Templeton, GIC, Insight Partners, the Qatar Investment Authority, Tiger Global, the Oxford Endowment Fund, as well as an unnamed large west coast mutual fund management firm. Several of Checkout.com’s existing investors also joined the round.
This fresh equity will help Checkout.com’s three key initiatives – growth in the US, development of its proprietary technology and remain on the cutting edge of Web3.
It has been a strong year for Checkout.com, with it tripling the volume of transactions processed for the third year in a row. It also opened offices in six countries, across four continents. It also hired a new CFO, CHRO, CMO, CPO, CRO and CTO.
The company’s client base now includes Netflix, Farfetch, Grab, NetEase, Pizza Hut, Shein, Siemens, Sony, Klarna, Qonto, Revolut, WorldRemit Coinbase, Crypto.com, FTX and MoonPay.
Checkout.com is a full-stack online payment platform that simplifies payments processes for large global enterprises.
Checkout.com founder and CEO Guillaume Pousaz said, “By combining an elegant technology stack with industry expertise and an ‘extra-mile’ approach to service over the past decade, we’ve built deep partnerships with some of the world’s most innovative companies.
“Our Series D is validation of that work—but given we’re still in ‘chapter zero’ of our journey, it will also fuel our efforts to unlock the enormous untapped opportunity ahead.”
Later this year, the company is looking to releases its services to marketplaces and payment facilitators. It is also looking to release identity verification technologies, split payments and a treasury-as-a-service.
Checkout.com CTO Ott Kaukver said, “The expansion of our product roadmap is the result of years of dedicated work by our global platform and engineering teams.
“As a product-first company with almost half our total headcount dedicated to technology roles, we’ll continue to drive this cadence of innovation. It unlocks additional opportunities across the entire payments value chain, which in turn helps us meet the needs of our merchants around the world.”
The FinTech company has been in close competition with Swedish buy now pay later provider Klarna for the title of Europe’s highest-valued FinTech company. Klarna is currently leading the way, after a $639m investment in 2021 put its valuation at $46bn.
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