Checkout.com secures bumper $1bn Series D round at $40bn valuation to boost US growth
London-based payments solutions provider Checkout.com has raised a mammoth $1 billion in a Series D funding round that takes the company’s valuation up to $40 billion.
Primary investors in the bumper financing round 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 manager. A number of existing investors also participated.
The cash injection more than doubles the company’s previous valuation of $15 billion following its $450 million Series C round last year.
The paytech has now raised around $1.8 billion in total funding to date.
The company says the new funds will “strengthen an already solid balance sheet” and help drive its expansion plans in the US.
Checkout.com’s CFO Céline Dufétel says: “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.”
The firm, which offers an online payments platform for large global enterprise merchants, says it has “grown rapidly in its home market of EMEA” and tripled its transaction volume for the third year in a row.
“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,” says Dufétel, adding the company expects to grow its North American employee base “by 200% this year alone”.
The cash will also be used for further product development, with a particular focus on increasing its presence in the Web 3.0 space.