For those of you wondering about the potential for PFs to attract investors, here you have your proof. Payment facilitator Checkout.com has just completed what it says is the largest-ever fintech series A in Europe – and the third-largest globally – with $230 million in funding from outside investors.
Led by Insight Partners and DST Global, the record round will enable the London-based company to continue its impressive growth efforts throughout Europe, the U.S. and the Middle East, with expansion efforts slated for Asia and Latin America in the future, according to the press release.
“Bringing world-class investors on board for our first funding round is a validation of everything the Checkout.com team has worked hard to achieve over the years and a way to flag just how serious we are about building a global leader that can serve any business, in any geography,” said company founder Guillaume Pausaz in the same release. “The capital will help us increase the speed at which we roll out new products to address our merchants increasingly complex needs. Performance in payments and data streams are key drivers of success for merchants. Our objective remains to help our customers to grow their businesses, by providing them with the solutions and insights they need to win market share.”
So, why Checkout.com? According to Insight Partners Managing Partner Deven Parekh, it all comes down to their dedication to creating the right product and their commitment to creating profitable business. “The payments world is changing rapidly and online payments will be the source of most financial services in future. We are confident that Checkout.com will attract a great proportion of those transactions because its product and unified platform provide the full range of services that growing enterprises require,” said Parekh via the same release.
Techcrunch also attributes the investment interest to the fact that the company caters to two huge trends in the current marketplace (online shopping and online payments). As for the total valuation of the company, the same article reports it checks out just shy of $2 billion.
Checkout.com helps businesses accept a range of payment types across their online stores globally and caters to notable brands including Samsung, Adidas, Deliveroo and Virgin.