Checkout.com received a $15 billion valuation in its latest funding round led by Tiger Global Management LLC, according to the CEO of the London-based online payment solutions provider, Guillaume Pousaz.
What Happened: Checkout.com raised $450 million in proceeds in the Series C round. The consortium of investors also included Greenoaks Capital Management, venture capital firm Insight Venture Partners, Coatue Management, and DST Global.
"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," Pousaz said in a statement.
The online payment solution provider processes transactions for Yum! Brands, Inc’s YUM restaurant chain Pizza Hut Inc, cryptocurrency exchange Coinbase Inc, and Swedish financial services provider Klarna Bank AB, as per Bloomberg.
Checkout.com’s business is concentrated in the European region, primarily in the U.K and France. It has also extended operations in parts of the Middle East and Asia and is now considering expanding to the U.S., starting with offices in New York and Denver.
Why Does It Matter: The latest valuation is three times higher than the $5.5 billion valuation in a funding round last year. According to Crunchbase, in June 2020, Checkout.com mobilized $150 million from six investors led by Coatue Management at the time.
Pousaz told Bloomberg that the company is under no pressure from investors to go public and has no firm plans for an IPO, at least for 2021.
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