Payment solutions provider Checkout.com has bought French technology startup ProcessOut for an undisclosed sum.

This represents the first acquisition for the London-based FinTech and follows last year’s $230 million Series A funding round, which valued it at nearly $2 billion.

Founded in 2015 by a team of six French entrepreneurs, the proprietary ProcessOut platform empowers merchants by providing actionable insights through greater access to performance data.

An alumnus of Techstars NY and 50 Partners accelerator programs, the company works with the likes of Dashlane, Rakuten and Veepee to optimise their international payment processing. Its dashboard helps businesses monitor and benchmark payment processing capabilities, while a smart router improves processing performance and reduces costs.

ProcessOut will become part of the broader Checkout.com business, with its team of 14 will joining the growing Paris and London offices. In September, Checkout.com was awarded an Electronic Money Institution license by French regulators.

The company, which has eleven offices globally, also announced plans to scale the company from around 600 employees to 1,000 over the next year.

Guillaume Pousaz, founder and chief executive of Checkout.com, said: “Whilst we always believe in organic growth, we respect businesses who have built great tech and managed to generate momentum.

“With over $20 billion worth of transactions analysed in 2019, ProcessOut fits in this category and as such we are delighted to make them our first acquisition.”

Manuel Huez, chief product officer and co-founder of ProcessOut, added: “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.”

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