1. Business
January 13, 2022

Checkout.com raises $1bn through Series D funding round

By Johney Amala

UK-based payments firm Checkout.com has raised $1bn through a Series D funding round, taking its valuation to $40bn.

Dragoneer, GIC, Franklin Templeton, Altimeter, the Qatar Investment Authority, Insight Partners, the Oxford Endowment Fund, Tiger Global, and an undisclosed west coast mutual fund manager were the primary investors in the funding round.

The round also saw participation from some of the company’s existing investors including DST Global, Coatue Management and Blossom Capital.

Checkout.com’s online platform is designed to streamline payments processes for large global enterprise merchants.

The company said that the proceeds from the funding round will boost its already solid balance sheet and support its growth strategy for the US market.

Checkout.com CFO Céline Dufétel said: “We’re looking to help our US customers grow domestically and internationally, and to help our non-US customers expand into the market here. We’re excited about the potential, and expect our North American employee base to grow by 200% this year alone.”

The fresh capital will also accelerate the further development of Checkout.com’s proprietary technology platform and solutions as well as its initiatives Web3.

Checkout.com founder and CEO Guillaume Pousaz said: “At our core, we help enterprise merchants to navigate the complexity of moving money around the world, whether in fiat currency or bridging the gap to Web3.”

Since the closing of its $450m Series C funding round in January last year, Checkout.com has expanded rapidly in its home market of EMEA.

The company currently counts Farfetch, Netflix, Grab, Klarna, Qonto, Revolut, Coinbase, Crypto.com, FTX, and MoonPay among its customers.

During 2021, the firm opened new offices in six countries to meet the growing merchant demand. It also acquired Estonian software development firm Icefire last year to enhance its technology offerings.

Checkout.com is now planning to roll out its solutions for marketplaces and payment facilitators later this year.

The new solutions will include identity verification technologies, split payments and  treasury-as-a-service, as well as the current Payouts capabilities.

Checkout.com CTO Ott Kaukver said: “The expansion of our product roadmap is the result of years of dedicated work by our global platform and engineering teams.

“As a product-first company with almost half our total headcount dedicated to technology roles, we’ll continue to drive this cadence of innovation.”