Checkout.com has taken funding from outside investors for the first time in its history, raising $230 million, in what is Europe’s largest FinTech Series A round ever.

The round was led by Insight Partners and DST Global, with participation from Singapore’s sovereign wealth fund GIC, Blossom Capital, Endeavor Catalyst and other strategic investors.

The company will use the money to continue its growth in Europe, the US and the Middle East, with further expansion into Asia and Latin America.

According to Dealroom data on Series A fundraises, Immunocore ($320 million) was the largest Series A fundraise for a UK company in 2015, followed by OakNorth ($200 million) in Oct 2017. Outside biotech, the biggest Series A round in Europe was Swiss firm TradePlus24 in January this year ($120 million).

The London-headquartered company’s cross-border payment solutions power many of the UK and EU’s FinTechs. Founder Guillaume Pousaz said: “Having built a sustainable business, one hire at a time, it was crucial to find partners that share our vision of how enterprise businesses will consume financial services in the future.

“The capital will help us increase the speed at which we roll out new products to address our merchants increasingly complex needs,” he continued, adding: “Our objective remains to help our customers to grow their businesses, by providing them with the solutions and insights they need to win market share.”

Checkout.com enterprise customers include Samsung, Easygroup, Getty Images, Deliveroo, Transferwise, Patreon and Virgin Active.

It processes more than 150 currencies and has 345 staff, with nearly 200 based in London and the rest in the company’s eight offices. Its team is expected to triple over the next three years as the company expands its core business and moves into new product areas.

Following the fundraising, Deven Parekh, managing partner at Insight Partners, will take a seat on the board.

Parekh commented: “The payments world is changing rapidly and online payments will be the source of most financial services in future – we are confident that Checkout.com will attract a great proportion of those transactions because its product and unified platform provide the full range of services that growing enterprises require.”

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