July 16, 2020
AliExpress WW
Checkout.com, the UK payments startup, raises another $150M, now valued at $5.5B – TechCrunch

Checkout.com, the UK payments startup, raises another $150M, now valued at $5.5B – TechCrunch

AliExpress WW

In the past few months, e-commerce has grown, due to the fact that more and more people prefer to make purchases and pay for goods on the Internet in accordance with the rules of social distance COVID-19. To emphasize business growth, a company that provides online merchants with services to manage and manage their transactions today announces a large round of financing.

AliExpress WW

Checkout.com, which provides an API-based platform for merchants to have built-in payment processing capabilities that accept various forms of payments (currently numbering 150 currencies, all international cards and popular local payment methods), as well as fraud protection, reporting and other analytical materials on to these transactions, today, announcing that it raised another $ 150 million, Series B, catapulting a London start-up valuation to $ 5.5 billion after the money.

(This is another sign that although some startups and sectors are experiencing enormous difficulties, there remain large and very profitable areas of business where companies continue to grow and investors continue to be more active.)

Checkout.com is profitable and has existed since 2012, when it was founded, and therefore the main purpose of financing will be to strengthen its balance sheet (currently cash is more than 300 million US dollars), as well as increase investments in R&D with specific focus on creating technologies to further simplify and speed up calculations (constant, big problem for online stores).

“The way money comes in and out of the business is changing rapidly,” said Gilom Poise, CEO and founder of the company. “I believe that by solving financial problems you can radically unlock innovations – starting with digital payments. At Checkout.com, we have created a technical architecture that allows pioneers to reinvent the industry and redefine their relationships with consumers. Now, as never before, we are confident in our mission to create the connected payments that enterprises deserve. ”

Cards can also have transactions. V. February, company acquired A French startup for optimizing payments called ProcessOut, and given how many startups have appeared to solve the various difficulties of online trading, we may well see further consolidation in the future, so with Checkout.com it grows to become one of the leaders, it can play your role.

Funding is led by Coatu, and others in this round include Insight Partners, DST Global, Blossom Capital, and Singapore Sovereign Wealth Fund, GIC. Some of them are regular investors supporting Checkout.com in their Serie A, $ 230 million in May 2019, which is a record in the history of European startups.

There are a number of payment startups (and larger, more mature companies) competing with Checkout.com in the field of payments and in many of its aspects, which include not only accepting payments, but also using various payment methods, creating simple and simple interfaces transactions. providing protection against fraud, providing information on what works (and what does not), and the provision of accounting tools for this.

Others in outer space include such as Stripe, PayPal, Adyen, GoCardless and Square. As is the case with them, Checkout.com’s solution, which helps to cope with some of the difficulties, is to create processes behind the scenes and make decisions accessible through the API to enable various functions through simplified short lines of code.

Checkout.com still had a relatively modest profile – even its name sounds somewhat generalized and anonymous, if you think about it – but it retained its position on the front of the business: the company added more than 500 corporate customers last year. Big new names include Grab, Revolut, Careem, Glovo, Robinhood, Farfetch, Klarna and Remitly, as well as older customers such as Getty Images, Samsung, Adidas and many others.

And in addition to being profitable – not a part that was transparent among some of its competitors, such as Stripe – Checkout.com is growing rapidly, and the number of transactions has already grown by 250% between May 2019 and May 2020, and see that this figure has accelerated in recent months.

Coatue is a notable leading investor in this round, being not only a prolific investor who has supported other e-commerce games in recent months there has been an increase in activity, as well as some of the largest startups over the past few years, including Uber, Instacart and DoorDash.

“We followed the rapid growth of the business and were inspired by Guillaume’s ideas about the future of payments,” said Chris Fredrickson, Coatue’s managing partner. “We are incredibly happy to be partnered with the next leg of Checkout.com’s journey.”

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