Singapore’s sovereign wealth fund, GIC, was one of the existing investors putting more money into global payment solution provider Checkout.com as it raised $150m in a Series B funding round, tripling the value of the business.
The round was led by Coatue, along with participation from existing investors, including Insight Partners, DST Global, Blossom Capital and GIC.
The new money will be used to further strengthen the company’s balance sheet, bringing available cash to over $300m. It will also invest in the development of new innovative products, including its upcoming advanced Payouts solution and the capability to accelerate settlement times.
The Series B fundraise follows a $230m Series A in May 2019. This was Europe’s largest fintech Series A round of funding ever.
The company gave an upbeat assessment of its current position, saying that its online transaction numbers had already increased by 250% comparing May 2019 and May 2020. It said it had been profitable since it was created in 2012.
Based in London, Checkout.com powers many of the world’s leading enterprises, adding over 500 merchants to its books in the last twelve months including Grab, Revolut, Careem, Glovo, Robinhood, Farfetch, Klarna and Remitly. Its proprietary technology offers enterprise businesses seamless and reliable global payment processing.
CEO and founder Guillaume Pousaz 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.”
