London-headquartered fintech Checkout.com that enables merchants of different sizes to accept online payments has hit a $15 billion valuation (post-money) in its latest funding round, it announced in a statement today. The company that has a significant presence in the Middle East & North Africa has raised $450 million in a Series C round. The round was led by Tiger Global Management and joined Greenoaks Capital along with existing investors including Insight Partners, DST Global, Coatue Management, Blossom Capital, Endeavor Catalyst, and Singapore’s Sovereign Wealth Fund GIC.
It comes just seven months after the company was valued at $5.5 billion in a $150 million Series B. With its latest valuation, Checkout.com claims to have become the fourth-largest (valuable) fintech globally and EMEA’s most valuable venture-backed business. Founded in 2012 by Guillaume Pousaz, Checkout.com had raised its first external investment in May 2019 when it raised $230 million in what was the largest Series A at the time for a European fintech at a reported valuation of $2 billion. So it’s valuation has increased eightfold in about twenty months.
In the Middle East & North Africa, Checkout.com is serving clients in the entire GCC and Egypt from its Dubai office.
Guillaume Pousaz, founder and CEO of Checkout.com, said, “Payments affect everything from the customer journey to a business’s 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 in our mission to empower merchants to build better products, drive more revenue and create innovative business models by reimagining interactions with financial services.”
“Our new investors bring a wealth of experience across payments, technology and scaling companies – crucial knowledge for the next stage of our growth, as we continue to build our vision for the future of Connected Finance,” he added.
Scott Shleifer, Partner at Tiger Global Management said, “We are excited to partner with Guillaume and Checkout.com as they continue to build an innovative global payments and financial services platform trusted by leading internet companies. We believe the shift to digital commerce is still in the early stages, and Checkout.com’s focus on developing a best-in-class technology platform has positioned them to be a leader in the industry for years to come.”
The company that has been profitable since the first year of its launch said that it will continue to invest the profits to power future growth. The new funding, it said, will be used to further grow its balance sheet and drive new innovative opportunities.
“With a total of $830 million raised within the last two years, Checkout.com’s readily available cash represents one of the strongest balance sheets across all global fintechs. This further strengthens the company’s resilience as a regulated entity in numerous markets and as the financial partner to its merchants. It also allows for continued strategic investments and product developments, like the Checkout.com Payouts solution which saw exponential growth over the last year,” noted the statement.
Checkout.com today also announced the opening of its New York office that will serve as its North American headquarter.
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