London payments firm Checkout.com has tripled its valuation to $15bn following a $450m Series C fundraising round.
The round, which makes Checkout the fourth largest fintech globally, was led by New York-based Tiger Global Management, joined by Greenoaks Capital and existing investors including Insight Partners and DST Global.
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Payments has been one of the leading subsections of the UK’s emerging fintech scene and the pandemic has triggered its growth as businesses pivot to online payment models.
“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,” chief executive and founder Guillaume Pousaz said.
In its last funding round, Checkout.com said its online transaction numbers had increased 250 per cent between May 2019 and May 2020. It now counts leading ecommerce firms Farfetch, The Hut Group and Mango as some of its customers.
Checkout.com said the new funding will be used to “further grow its balance sheet and drive new innovative opportunities” and with $830m raised in just two years it boasts one of the strongest balance sheets among fintechs.
And in reflection of its rapid growth, Checkout.com has also announced the opening of its New York City and Denver offices, four years after its launch in the US.
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The startup said that along with its existing operation in San Francisco, the bicoastal offices will “power the organisation’s ability to meet the growing demand in the US for connected payments solutions”.
The latest valuation makes Checkout.com Europe’s most valuable VC-backed fintech making it a prime candidate for a public listing.