Checkout.com, a payments solution company, announced it raised $230 million in a round of funding at a valuation of nearly $2 billion, according to Reuters. This round of funding was provided by GIC, Insight Partners, and DST Global. Insight Partners management partner Deven Parekh is joining the Checkout.com board in conjunction with this 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. Having built a sustainable business, one hire at a time, it was crucial to find partners that share our vision of how enterprise businesses will consume financial services in the future. We have anticipated this from our early days and have designed Checkout.com’s platform from the outset so that we can easily deliver incremental services to our customers as the company expands its offering,” said Checkout.com founder Guillaume Pousaz.
This round of funding will enable Checkout.com to increase the speed at which new products are rolled out for addressing the increasingly complex needs of merchants signed up for the platform.
Some of Checkout.com’s enterprise customers include Samsung, Easygroup, Getty Images, Deliveroo, Transferwise, Patreon, and Virgin Active. And Checkout.com processes more than 150 currencies and has 345 staff members. About 200 are based in London and the rest are spread out across the company’s eight offices.
“We’ve been following Checkout.com for some time and we have been impressed by their dedication to building the right product for their merchant customers, as well as their commitment to creating a profitable business. The payments world is changing rapidly and online payments will be the source of most financial services in future,” added Insight Partners managing partner Deven Parekh — who is taking a seat on the board. “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. Insight Partners is excited to welcome the Checkout.com team to our portfolio, and look forward to driving continued growth together.”
Checkout.com’s technology enables fast-growing businesses to set up global payment processing for companies and consumers. And these businesses offer direct access to domestic acquiring across payment methods and geographies including all major credit cards, debit cards, PayPal, Apple Pay, and all other eWallets. This is possible through the companies unified integrated platforms — which also offers fraud management tools, analytics, and comprehensive reporting features.
“Payments are a critical component of any online business. 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,” explained DST Global managing partner Tom Stafford.