London fintech startup Checkout.com has tripled its valuation to $5.5bn following a $150m Series B funding round.
The online international payments business, which powers the likes of Grab, Revolut, and Klarna, said the steep increase in value reflected a growing demand for its cross-border online payment product.
Checkout.com’s online transaction numbers had already increased by 250 per cent between May 2019 and May 2020, it said.
Moreover, global lockdowns triggered by the coronavirus pandemic have further accelerated Checkout.com’s growth, as businesses rapidly pivot to online payment models.
The Series B funding was led by Coatue, while existing investors also took part, including Insight Partners, DST Global, Blossom Capital, and Singapore’s Sovereign Wealth Fund, GIC.
Unlike many other rapidly growing startups, the British fintech unicorn has been profitable since 2012.
It said it would use these funds to further strengthen its balance sheet, bringing available cash to more than $300m, as well as to develop new products, including the capability to accelerate settlement times.
The Series B fundraise comes after a record-breaking $230m Series A in May 2019, which was Europe’s largest fintech Series A round of funding ever.
CEO and Founder, Guillaume Pousaz said: “The way money moves into and out of businesses is changing rapidly.
“I believe that by solving financial complexity, you can radically unlock innovation – starting with digital payments.
“At Checkout.com, we’ve built a technical architecture that enables pioneers to reinvent industries and redefine their relationship with consumers.
“Now more than ever, we are confident of our mission to build the connected payments that businesses deserve.”
Checkout.com processes over 150 currencies and offers access to all international cards and popular local payment methods to merchants through its proprietary integrated platform.
The company employs over 750 people across 13 offices globally.