Online payments firm Checkout.com has almost tripled its valuation to $40 billion on the back of a whopping $1 billion Series D funding round.
Primary investors include Altimeter, Dragoneer, Franklin Templeton, GIC, Insight Partners, the Qatar Investment Authority, Tiger Global, the Oxford Endowment Fund, and another large west coast mutual fund management firm.
Checkout.com provides merchants with a single platform combining payments, fraud monitoring and analytics. Launched in 2012, the firm now has a team of more than 1700 people across 19 offices worldwide
"At our core, we help enterprise merchants to navigate the complexity of moving money around the world, whether in fiat currency or bridging the gap to Web3," says Checkout.com founder and CEO, Guillaume Pousaz.
The company was last valued at $15 billion in a $450 million Series C round in January last year. Over the proceeding year it has grown rapidly in its home market of Emea, tripling the volume of transactions processed and opening new offices in six countries across four continents.
The firm expects to see continued record returns as it scales up to meet demand from the vast US e-commerce market.
"We have long-faced substantial demand to serve the US market, and with our Series D we're doubling down on our commitment to scaling our platform, partnerships and products for customers here," says Checkout.com's New York-based CFO, Céline Dufétel. "Much like our approach in Emea, we will maintain our focus on the enterprise—especially fintech, software, food delivery, travel, e-commerce and crypto merchants. We're looking to help our US customers grow domestically and internationally, and to help our non-US customers expand into the market here. We're excited about the potential, and expect our North American employee base to grow by 200% this year alone."
Other initiatives underway include the launch of a service for marketplaces and payment facilitators, bundling identity verification technologies, split payments and treasury-as-a-service.
"The expansion of our product roadmap is the result of years of dedicated work by our global platform and engineering teams," says CTO, Ott Kaukver. "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."