Checkout.com valued at $15bn after latest funding fund

UK-headquartered payments platform Checkout.com has closed a $450 million Series C funding round, tripling its market valuation to $15 billion.

The investment, said Checkout.com, makes it the fourth largest FinTech globally and EMEA’s most valuable venture-backed business.

In June 2020, Checkout.com announced a Series B round, which had valued the business at $5.5bn.

Last year, it also acquired ProcessOut and PinPayments and made a strategic investment in Thunes.

The Series C round was led by Tiger Global Management, a New York-based technology investor that has previously invested in the likes of Facebook, LinkedIn, Spotify, ByteDance and JD.com.

Greenoaks Capital also joined the round along with participation from existing investors Insight Partners, DST Global, Coatue Management, Blossom Capital, Endeavor Catalyst and Singapore’s sovereign wealth fund GIC.

The firm has now raised a total of $830 million over the last two years.

In addition to the Series C funding announcement, the firm has announced the opening of new offices in New York and Denver to add to its San Francisco site on the West Coast.

Globally, Checkout.com said it will hire an additional 700 people across all its locations in 2021.

Brands including Farfetch, Mango, Victoria’s Secret, L'Occitane and The Hut Group use the Checkout.com payments platform. It also supports FinTechs Klarna, Revolut, Transferwise, Coinbase and eToro.

Guillaume Pousaz, chief executive and founder of Checkout.com, said: “Payments affect everything from the customer journey to a business’ ability to enter new markets or launch new products.

“This latest fundraise reflects our market-leading position and the size of our aspirations as we accelerate our mission to empower merchants to build better products, drive more revenue and create innovative business models by re-imagining interactions with financial services.”

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