Checkout.com has raised $1 billion at a valuation of $40 billion in a Series D funding round.

This investment makes Checkout.com one of Europe’s most valuable FinTechs, exceeding the $33 billion valuation that Revolut achieved as part of a $800 million funding round in July 2021.

The London-based payments company offers a full-stack online platform that handles payments processes for enterprise merchants.

Primary investors in the round included Altimeter, Dragoneer, Franklin Templeton, GIC, Insight Partners, the Qatar Investment Authority, Tiger Global, the Oxford Endowment Fund, and an unnamed large mutual fund management firm based in the US west coast.

Checkout.com’s valuation is almost double the $15 billion it achieved as part of its earlier Series C funding round in January 2021.

The FinTech said the funds will be used in three key areas: US market growth, a new marketplaces solution launch, and to strengthen leadership in Web3.

More money than ever is flowing into UK tech according to research by the UK’s Digital Economy Council; around £29.4 billion was invested this year, over double last year’s figure of £11.5 billion.

“We have long-faced substantial demand to serve the US market, and with our Series D we’re doubling down on our commitment to scaling our platform, partnerships and products for customers here,” said Checkout.com’s chief financial officer, Céline Dufétel. “Much like our approach in EMEA, we will maintain our focus on the enterprise - especially FinTech, software, food delivery, travel, e-commerce, and crypto merchants”.

“We’re looking to help our US customers grow domestically and internationally, and to help our non-US customers expand into the market here.”

She added: “We’re excited about the potential and expect our North American employee base to grow by 200 per cent this year alone.”

“The expansion of our product roadmap is the result of years of dedicated work by our global platform and engineering teams,” said chief technology officer at Checkout.com Ott Kaukver. “As a product-first company with almost half our total headcount dedicated to technology roles, we’ll continue to drive this cadence of innovation”.

He added: “It unlocks additional opportunities across the entire payments value chain, which in turn helps us meet the needs of our merchants around the world.”

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