Checkout.com raises record $230m FinTech funding
Global payment solutions provider Checkout.com is for the first time taking funding from outside investors, having raised $230m.
The round is said to be Europe’s largest FinTech Series A round, and globally the third largest of all time.
The London-headquartered company provides merchants with a solution that enables payments across geographies and channels.
It will use the funding to continue its rapid growth in Europe, the US and the Middle East, with further expansion into Asia and Latin America.
The business offers access to all major payment methods and geographies, including all major credit and debit cards, online banking, PayPal, Apple Pay and other eWallets.
It processes more than 150 currencies and has 345 staff, with nearly 200 based in London and the rest in the company’s eight offices.
Its platform also provides fraud management tools, analytics and comprehensive reporting features.
Customers already using the platform include Samsung, Easygroup, Getty Images, Deliveroo, Transferwise, Patreon and Virgin Active.
The round was led by growth investors Insight Partners and DST Global, Singapore’s sovereign wealth fund GIC, Blossom Capital, Endeavor Catalyst and other strategic investors are also participating in the round.
“We have been fortunate to have some of the world’s leading investors approach us for some time but our focus has remained on building the very best suite of products we can for our merchants on four continents,” said Founder Guillaume Pousaz.
“The capital will help us increase the speed at which we roll out new products to address our merchants increasingly complex needs.
Following the fundraising, Deven Parekh, Managing Partner at Insight Partners and an early investor in Twitter, Alibaba and JD.com, will take a seat on the board.
Parekh said he was impressed with the company’s dedication to building the right product.
“We are confident that Checkout.com will attract a great proportion of those transactions because its product and unified platform provide the full range of services that growing enterprises require.”
Tom Stafford, Managing Partner, DST Global, added: “With the digital payments market expected to grow to $6 trillion by 2021, we believe Checkout.com can expand rapidly through its technology-driven and customer-centric payments solution.
“We are delighted to partner with Guillaume and the team.”
Checkout.com has been advised in this transaction by FT Partners and law firm Wilson Sonsini Goodrich & Rosati.