London-headquartered payment solution provider Checkout.com has announced a 150m (£121m) funding round, tripling its value.
The Series B funding was led by Coatue, along with participation from existing investors, including Insight Partners, DST Global, Blossom Capital, and Singapore’s Sovereign Wealth Fund, GIC.
It will use these funds to strengthen its balance sheet, bringing available cash to over $300m.
The firm will also invest in the development of new products, including its upcoming ‘Payouts’ solution and the capability to accelerate settlement times.
The fundraise follows a record-breaking $230m Series A in May 2019, which was Europe’s largest FinTech Series A round.
Checkout.com said it has been profitable since 2012. The firm, which now has a $5.5bn valuation, reports its online transaction numbers between May 2019 and 2020 have grown by 250%.
It now processes over 150 currencies and offers access to all international cards and popular local payment methods to merchants through its proprietary integrated platform.
The eight-year-old company, which employs over 750 staff across 13 offices, has now added FinTech firms such as Revolut, Robinhood, Klarna and Remitly to its books.
CEO and founder Guillaume Pousaz said of the funding: “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.
” At Checkout.com, we’ve built a technical architecture that enables pioneers to reinvent industries and redefine their relationship with consumers.”
Kris Fredrickson, Managing Partner at Coatue, added: “We have followed the business’ explosive growth and are inspired by Guillaume’s vision for the future of payments.”