- Online payments company Checkout.com announced that it raised $150 million in funding at a $5.5 billion valuation
Online payments company Checkout.com announced that it raised $150 million in funding at a $5.5 billion valuation. This is nearly three times the valuation that the company received since it last raised funding.
This round of funding was led by Coatue. And existing investors Insight Partners, DST Global, Blossom Capital and Singaporean wealth fund GIC also joined the round. With this round of funding, the company will invest in new products.
Launched in 2012, Checkout.com is known for offering a platform that makes it easier for businesses to process payments online. It competes against companies like Stripe and Adyen.
Last year, Checkout.com raised $230 million in Series A funding. That funding round gave the company a $2 billion valuation. And since raising that round of funding, the company saw its transaction volume increase by 250% over the last year and it signed a number of new major customers including Singapore-based Grab.
“The way money moves into and out of businesses is changing rapidly,” said Checkout.com CEO Guillaume Pousaz via CNBC. “I believe that by solving financial complexity, you can radically unlock innovation — starting with digital payments.”
The company has been profitable since 2012. Back in 2018, the company reported a $2.3 million net profit on revenues of $74.8 million. And the company employs 750 people across 13 offices.