PR87562

NEW YORK, Jan. 12, 2021 /PRNewswire=KYODO JBN/ --

-- Checkout.com becomes EMEA's most valuable venture-backed business and fourth

largest fintech globally

-- Opens NYC and Denver offices to meet growing U.S. demand for enterprise

payments solutions

-- $450m Series C led by Tiger Global Management, with participation from

Greenoaks Capital and all other existing investors

-- The profitable cloud-based payments technology business tripled its payment

processing volume YoY in 2020, adding 500+ new enterprise customers including

Coinbase, Pizza Hut, H&M, Grab, Klarna, Farfetch, and Telegram in the last 12 months

Checkout.com ( https://www.checkout.com/ ), the leading Connected Payments(TM)

solutions provider, today announced that it closed a $450 million Series C fundraising

round. This gives the business a post-money valuation of $15 billion, making it the fourth

largest fintech globally and EMEA's most valuable venture-backed business(1), as the

business continues to expand across the globe.

The Series C was led by Tiger Global Management, LLC, a New York-based

technology investor that partners with dynamic entrepreneurs operating

market-leading growth companies, including Facebook, LinkedIn, Spotify,

ByteDance, and JD.com. Greenoaks Capital also joined the round along with

participation from existing investors Insight Partners, DST Global, Coatue

Management, Blossom Capital, Endeavor Catalyst, and Singapore's Sovereign

Wealth Fund GIC.

Guillaume Pousaz, CEO and Founder of Checkout.com said: "Payments affect

everything from the customer journey to a business's ability to enter new

markets or launch new products. 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. Our new investors bring a wealth of experience across payments,

technology and scaling companies – crucial knowledge for the next stage of our

growth, as we continue to build our vision for the future of Connected Finance(TM)."

Investing in the Future of Payments

Research from McKinsey & Company highlights the scale of the payments

opportunity, with total global payments revenue reaching just under $2 trillion

in 2019(2). Meanwhile a recent report from Checkout.com in partnership with

Oxford Economics(3) revealed the scale of the challenge that many merchants

face, with $20.3 billion lost to false declines in payments in 2019 alone and

more than $12.7 billion handed from first choice merchants to their

competitors. Additionally, customers who gave up on their intended online

purchase completely resulted in more than $7.6 billion of missed opportunity

for merchants. Checkout.com addresses these issues by giving enterprise

businesses the most proactive tools to drive best-in-class performance and more

control through advanced data features, fraud management tools, and

comprehensive reporting.

The fundraise comes as the global economy looks beyond the COVID-19 pandemic.

While many organizations have historically relied on one-size-fits all payment

systems, the need to drive improved performance, gain transparency across

payments and extract valuable information from data is increasingly becoming a

competitive differentiator. Checkout.com's cloud-based unified platform enables

merchants to manage payins and payouts at scale, while achieving better

performance and improved acceptance rates globally. Leading ecommerce

businesses such as Farfetch, Mango, Victoria's Secret, L'Occitane and The Hut

Group depend on Checkout.com for a fast, reliable, adaptable and safe platform

that gives granular access to the data and pricing behind every transaction.

While Checkout.com's profits from current operations will continue to be

reinvested to power future growth, the new funding will be used to further grow

its balance sheet and drive new innovative opportunities. With a total of $830

million raised within the last two years, Checkout.com's readily available cash

represents one of the strongest balance sheets across all global fintechs. This

further strengthens the company's resilience as a regulated entity in numerous

markets and as the financial partner to its merchants. It also allows for

continued strategic investments and product developments, like the Checkout.com

Payouts solution which saw exponential growth over the last year.

Checkout.com Unveils North American Headquarters

In addition to today's Series C funding announcement, Checkout.com is

announcing the opening of its New York City office. The company first launched

in the U.S. in 2017 and has operations in San Francisco. Together, the

bicoastal offices will power the organization's ability to meet the growing

demand in the U.S. for Connected Payments(TM) solutions, as Checkout.com

increases its focus on serving U.S.-based enterprises in domestic, global and

cross-border payments. The company is also announcing an office in Denver.

Globally, Checkout.com will hire an additional 700 people across all its

locations  in 2021.

Checkout.com's transformative approach to payments and payouts has garnered its

reputation as the most trusted technology provider behind many of the most

valuable fintechs and cutting-edge businesses, including Klarna, Revolut,

Transferwise, Coinbase, and eToro. With a platform that can support both

best-performing global payments and payouts, Checkout.com has become the

backbone of the world-beating progressive business models, among the leading

fintechs, streaming services, and marketplaces.

Scott Shleifer, Partner at Tiger Global Management said: "We are excited to

partner with Guillaume and Checkout.com as they continue to build an innovative

global payments and financial services platform trusted by leading internet

companies. We believe the shift to digital commerce is still in the early

stages, and Checkout.com's focus on developing a best-in-class technology

platform has positioned them to be a leader in the industry for years to come."

In June 2020, Checkout.com announced its Series B which valued the business at

$5.5bn and was led by technology fund Coatue Management. In 2020, it also

announced the acquisitions of ProcessOut and PinPayments, as well as a

strategic investment in Thunes.  

About Checkout.com

Checkout.com empowers businesses to adapt, innovate, and thrive with the

Connected Payments(TM) they deserve. The company's technology makes payments

seamless. Flexible solutions, granular data, and instant insights help global

enterprises launch new products in new markets and create outstanding customer

experiences. They provide the fastest, most reliable payments in more than 150

currencies, with in-country acquiring, world-class fraud filters and reporting,

through one API. And they can accept all major international credit and debit

cards, as well as popular alternative and local payment methods. Checkout.com

launched in 2012 and now has a team of 1000 people across 17 offices worldwide,

offering local expertise where it's needed. Find out more at www.checkout.com

Twitter ( https://twitter.com/Checkout ) | LinkedIn (https://www.linkedin.com/company/checkout/ )  

About Tiger Global Management, LLC

Tiger Global Management (https://c212.net/c/link/?t=0&l=en&o=2996625-1&h=685949658&u=https%3A%2F%2Fwww.tigerglobal.com%2Fhome&a=Tiger+Global+Management ),

LLC is an investment firm focused on public and private companies in the

global Internet, software, consumer and financial technology sectors. Since

2003, its private equity business has invested in hundreds of companies across

more than 30 countries, including investments ranging from Series A to pre-IPO.

Such investments have included Spotify, Harry's, Warby Parker, Peloton, JD.com,

Facebook, LinkedIn, Yandex, Mail.ru Group, Despegar, Ola and Flipkart. Tiger

Global Management, LLC, was founded in 2001 and is based in New York with

affiliate offices in Hong Kong, Singapore, Bangalore and Melbourne.

(1.) PitchBook, January 2021

(2.) The 2020 McKinsey Global Payments Report, McKinsey & Company, October 2020

(3.) Black Boxes and Paradoxes: The Real Cost of Disconnected Payments,

Checkout.com, July 2020

Checkout.com Press contact:

Lewis Jones

Communications Manager

pr@checkout.com

SOURCE Checkout.com