Checkout.com has become one of the most valuable fintechs globally, with its latest funding round valuing the international paytech at $5.5 billion.
Coatue led the $150 million series B funding round, with participation from existing investors, including Insight Partners, DST Global, Blossom Capital and Singapore’s Sovereign Wealth Fund, GIC.
Checkout.com, which processes more than 150 currencies and offers access to all international cards and popular local payment methods to merchants through its integrated platform, has seen its online transaction numbers increase by 250% year over year.
It will use the $150 million funds to further strengthen its balance sheet and invest in the development of new products, including its upcoming advanced Payouts solution and the capability to accelerate settlement times.
The series B fundraise follows its $230 million series A in May 2019. Checkout.com acquired two businesses this year, ProcessOut in February and Pin Payments in May. Olivia Broderick and Mike Benchimol have also joined the paytech as general counsel and chief operating officer, respectively.
The eight-year-old London-headquartered company has added more than 500 merchants to its books in the past 12 months, including Grab, Revolut, Careem, Glovo, Robinhood, Farfetch, Klarna and Remitly.
Chief executive officer and founder Guillaume Pousaz said: “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.”
Kris Fredrickson, managing partner at Coatue, said: “We have followed the business’ explosive growth and are inspired by Guillaume’s vision for the future of payments. We’re incredibly excited to partner for the next phase of the Checkout.com journey.”