FinTech startup Checkout.com raised $1 billion in a Series D funding round at a $40 billion valuation, 20 times more than the company was worth when it held its first fundraise in 2019, according to a press release on Wednesday (Jan. 12).
Primary investors include Altimeter, Dragoneer, Franklin Templeton, GIC, Insight Partners, the Qatar Investment Authority, Tiger Global and the Oxford Endowment Fund, among others. Checkout.com now has a valuation higher than Instacart and most other startups.
The fresh infusion of capital will be used for U.S. growth, the rollout of new marketplace solutions, and strengthening its leadership in Web3.
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Checkout.com was launched in 2012 as a cloud-based payments platform and has grown to become a merchant account provider specializing in processing international payments for eCommerce businesses. The company has raised $1.8 billion to date and now has more than 1,700 employees working in 19 offices around the world, including new locations in six countries across four continents.
The company serves large-scale eCommerce merchants including Netflix, Grab, Pizza Hut and Sony, and FinTech unicorns such as Klarna, Qonto, Revolut and WorldRemit. The company also counts some of the biggest crypto companies as clients — Coinbase, Crypto.com, FTX and MoonPay.
“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,” said founder and CEO Guillaume Pousaz.
Read more: New Study: Checkout Frictions Rise as Some Merchants Pull Back on Value-Adds
“By combining an elegant technology stack with industry expertise and an ‘extra-mile’ approach to service over the past decade, we’ve built deep partnerships with some of the world’s most innovative companies. Our Series D is validation of that work — but given we’re still in ‘chapter zero’ of our journey, it will also fuel our efforts to unlock the enormous untapped opportunity ahead,” Pousaz added.
As global eCommerce continues outpacing the growth of traditional commerce, particularly as emerging technologies like cryptocurrencies and NFTs gain wider global adoption, Checkout.com is continuing to strengthen its position in the Web3 space.
