Checkout.com has been crowned Europe’s most valuable unicorn after revealing Series C investment.
The mammoth £330 million round trebled the London FinTech’s valuation to a staggering £11 billion.
Tiger Global Management and Greenoaks Capital led the round, joining Insight Partners, DST Global, Coatue Management, GIC, Blossom Capital and Endeavor Catalyst as investors in the payments tech provider.
The firm’s previous funding rounds were a $150m Series B in June 2020 and a $230m Series A in 2019. It has been profitable since 2012.
“The balance sheet strength created by these collective fundraises, together with our longstanding profitability, further strengthens the company’s resilience as a regulated entity in numerous markets and as the financial partner to its merchants,” wrote founder & CEO Guillaume Pousaz in a blog post.
“It also allows our business to continue to make strategic investments and drive innovative product developments, like the Checkout.com Payouts solution, which saw exponential growth in Europe over the last year, to ensure that we can deliver the future of digital payments for our merchants.”
In 2020 Checkout.com added 500 staff, taking its total team to over 1,000, partly as a result of the acquisitions of Process Out and Pin Payments.
“2020 was an extraordinary year for many around the world including for our existing and new merchants who were forced, by virtue of the pandemic, to rapidly extend their global eCommerce capabilities,” continued Pousaz.
“For some this meant revising business models, reassessing risk and rethinking how payments can play a crucial role in their long–term profitability.
2020 was also a year of incredible change for the payments industry – witnessing years of change in the space of months. During this period we onboarded 500+ new merchants and saw our global volumes triple as a result of new economic activity transacting online for the first time.
“These changes have confirmed our longstanding conviction in the trend to online purchasing and accelerated a growing business demand for transformative online payment solutions that perform across all geographies and channels.”
Checkout.com’s payments solutions are used by leading FinTech and digital companies including Klarna and Farfetch.