Checkout.com, the global payment solutions provider, has raised $230m in what is Europe’s largest fintech Series A round ever, and globally the third largest fintech Series A round of all time.
Although in its seventh year of business, this is the first time it has reached out to outside investors in a bid to “transform the world of digital commerce” by “enabling payments across all geographies and channels”. Checkout.com 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.
“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,” said founder Guillaume Pousaz.
“Bringing world-class investors on board for our first funding round is a validation of everything the Checkout.com team has worked hard to achieve over the years and a way to flag just how serious we are about building a global leader that can serve any business, in any geography. The capital will help us increase the speed at which we roll out new products to address our merchants increasingly complex needs. Performance in payments and data streams are key drivers of success for merchants. Our objective remains to help our customers to grow their businesses, by providing them with the solutions and insights they need to win market share.”
Led by growth investors Insight Partners and DST Global, the funding round also brought together Singapore’s sovereign wealth fund GIC, Blossom Capital, Endeavor Catalyst and other strategic investors.
The London-headquartered company, claims “the world’s most comprehensive cross-border payment solution for digital commerce”. The business offers direct access to domestic acquiring across payment methods and geographies, including all major credit and debit cards, online banking, PayPal, Apple Pay and other eWallets. This is achieved through a single, unified integrated platform which also provides fraud management tools, analytics and comprehensive reporting features.
Checkout.com enterprise customers include Samsung, Easygroup, Getty Images, Deliveroo, Transferwise, Patreon and Virgin Active.
Following the fundraising, Deven Parekh, managing partner at Insight Partners will take a seat on the board.
Deven Parekh said: “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. 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.”
“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,” said Tom Stafford, managing partner, DST Global.
