British fintech Checkout.com raises $ 450 million. This fundraising, led by Tiger Global Management, with the participation of Greenoaks Capital and all other historical investors (Insight Partners, DST Global, Coatue Management, Blossom Capital, Endeavor Catalyst and the Sovereign Wealth Fund GIC of Singapore), aims to accelerate the company’s internationalization, particularly in the United States, with the opening of new offices in New York and Denver. The company, which has been operating in the US market since 2017, previously had an office in San Francisco.
It also aims to “pursue strategic investments and product developments, such as the Checkout.com payment solution, which has grown significantly over the past year“, explains the statement.
A business volume multiplied by 3 in 2020
This new round of funding follows a Series B round of $ 150 million six months ago and a previous one of $ 230 million announced in May 2019. The company has raised $ 830 million in less than two years. , and its valuation triples to now reach $ 15 billion. “Checkout.com becomes the most valued venture capital company in EMEA, and the fourth largest fintech in the world.“, rejoices the start-up in a press release.
In a context of growing demand for business payment solutions linked to the rise of e-commerce, Checkout.com has experienced a significant growth phase with a business volume multiplied by 3 in 2020. Fintech is specializes in cloud-based payment infrastructures and provides connected payments solutions that leverage advanced data functionality, fraud management tools and comprehensive reporting.
700 recruitments planned for 2021
Despite corporate confidence in universal payment systems, the unicorn notes “the need to improve performance, increase the transparency of transactions and extract information in a granular way is becoming more and more crucial to make the difference in the face of the competitionCheckout.com’s unified, cloud-based platform enables merchants to manage their payments at scale, while achieving better performance and acceptance rates around the world.
Checkout.com counts among its user customers the brands H&M, Pizza Hut, Mango, L’Occitane and the Cheerz photo printing application. It has welcomed over 500 new referrals over the past 12 months, including Coinbase, Grab, Klarna, Farfetch, and Telegram. It doubled its workforce in 2020 to count to date the thousand employees. 700 new recruitments are registered for 2021, of which approximately 60 to 70 for France, where Checkout.com has an office.
Acquisition of a French start-up in 2020
Based in Paris, the French team is currently made up of 35 people, some of whom came from the acquisition of the start-up ProccesOut last year. “As part of its post-Brexit strategy, the company also has an EMI (Electronic Money Institution) license in France allowing it to make this country its new European hub to continue serving its local customers.“, she concludes. The company also acquired PinPayments and made a strategic investment in Thunes.
According to an Oxford Economics report for Checkout.com, $ 20.3 billion was lost in 2019 due to false chargebacks and more than $ 12.7 billion was transferred from “top” merchants to their competitors . As for customers who completely gave up their online purchase, they lost more than $ 7.6 billion to merchants.