Checkout.com’s UK business posts $126.3m loss for 2022
Payments solution provider Checkout.com’s UK business made a net loss of $126.3 million over 2022, marking an increase of over 400% on the $24.5 million loss it posted for 2021.
Checkout.com’s UK business posts $126.3m loss for 2022
During the same period, its total revenues fell slightly from $259.6 million to $246.3 million, according to recently filed accounts.
The company’s latest filing pertains only to its UK operations, which are headed by CEO Guillaume Pousaz from its London headquarters.
They do not include its business in the European Economic Area (EEA), North America, the Middle East and North Africa (MENA) or in the Asia Pacific (APAC), where it had previously guided expansion efforts in 2021.
The company’s UK-based business attributes its stagnant net revenues to the movement of merchants “now being serviced by another group company as a result of Brexit”.
Its filing continues: “The company has also observed a shift in the macro environment and geopolitical backdrop in 2022, with rising inflation and reduced consumer spending/confidence having an impact on the growth of revenue.”
The statement goes on to note the impact consumers’ post-lockdown return to physical stores had on its online commerce clients, and that the aforementioned macro environment had resulted in lower trading volumes for its digital currency clients particularly.
Despite this, Checkout.com continued to make headway that year with its acquisition of French ID verification firm ubble and the launch of its Fraud Detection Pro offering and integrated platform products, which it hopes will “help drive future growth”.
