London paytech Checkout.com makes first acquisition

Checkout.com has bought ProcessOut for an undisclosed sum, following its record-breaking $230 million series A funding round that valued the global payment solutions provider at nearly $2 billion

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London paytech Checkout.com makes first acquisition

London-based paytech firm Checkout.com has acquired a French startup that specialises in processing and data insight.

Checkout.com has bought ProcessOut for an undisclosed sum, following its record-breaking $230 million series A funding round that valued the global payment solutions provider at nearly $2 billion.

ProcessOut, an alumnus of Techstars NYC and 50 Partners accelerator programmes, works with a number of businesses, including Glovo, Dashlane, Rakuten, Veepee and OUI.sncf, to optimise their international payment processing.

The startup’s technology provides a dashboard for businesses to monitor and benchmark payment processing capabilities. Meanwhile, a smart router optimises payment processing in real-time to improve performance and reduce costs.

Checkout.com’s unified global payment processing platform for enterprise customers offers in-country acquiring, relevant payment methods, feature parity across geographies, fraud filters and reporting features.

Utilised in Europe, the US, Asia Pacific and China, and the Middle East, it offers processing in more than 150 currencies, with direct access to Visa, Mastercard, American Express and all major international cards.

The acquisition of ProcessOut—whose team of 14 will join Checkout.com’s growing Paris and London offices—will enable the paytech firm to offer global merchants better performance and more options to manage their payments needs, while retaining the convenience of a single integration and unified reporting.

Commenting on Checkout.com’s first acquisition, founder and chief executive officer Guillaume Pousaz said: “Whilst we always believe in organic growth, we respect businesses who have built great tech and managed to generate momentum. With over $20bn worth of transaction analysed in 2019, ProcessOut fits in this category and as such we are delighted to make them our first acquisition.”

“Combining their expertise and features to our platform will allow us to offer our global merchants with a deeper set of actionable insights to improve their acceptance rates and maximise the cost efficiency of their payments.”

Pousaz continued “Furthermore it was clear from day one that their team closely aligned with our values to create a fairer and higher-performing payment ecosystem for businesses—with increased transparency and greater control. Given we believe unconditionally that a business is only as good as its people, we are really excited to bring the ProcessOut team onboard to contribute towards our mission of  building the future of banking.”

Manuel Huez, chief product officer and co-founder of ProcessOut, said: “We are excited to be joining Checkout.com at such a pivotal moment. I’d like to thank the dedicated team behind ProcessOut and our investors and mentors who have helped and supported us throughout the journey to make the business what it is today. We are looking forward to the next chapter of this journey and to continue working with some of the largest merchants to optimise their payments.”