Checkout.com, a UK-based payments startup, has raised $150 million in a Series B funding round, thus almost tripling its valuation to $5.5 billion.
Announced on Monday, the funding round was led by Coatue and saw participation from existing investors including Insight Partners, DST Global, Blossom Capital, and GIC, Singapore’s Sovereign Wealth Fund.
Founded in 2012, Checkout.com facilitates online payment processing solutions to businesses, similar to Stripe and Adyen.
The startup grabbed headlines last year as it secured $230 million in a Series A round from an array of venture capitals, putting the company into the unicorn list with around $2 billion in valuation.
With this round, Checkout.com is now sharing Europe’s most valued fintech startup title with UK-headquartered Revolut and Swedish lender Klarna. Despite that, there is a long road between its two direct competitions – Stripe is valued at $36 billion and the total market cap of publicly-listed Adyen stands at $38 billion.
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“The way money moves into and out of businesses is changing rapidly. I believe that by solving financial complexity, you can radically unlock innovation — starting with digital payments,” Guillaume Pousaz, founder and CEO of Checkout.com, said.
Impressive figures since the last funding
The company has also reported impressive numbers for the last year with a jump in its transaction volumes by 250 percent. It has also added Southeast Asian ride-hailing giant Grab and US stock trading disrupter Robinhood.
The UK-based startup also boasts that unlike its peers, the company is profitable since 2012.
The latest proceeds will be utilized to further strengthen its balance sheet, bringing available cash to over $300 million.
“At Checkout.com, we’ve built a technical architecture that enables pioneers to reinvent industries and redefine their relationship with consumers. Now more than ever, we are confident of our mission to build the connected payments that businesses deserve,” Pousaz added.
Checkout.com is also a member of the Libra Association as it joined the Swiss non-profit after the exit of giants like Mastercard, Visa, Paypal, and Stripe.