Checkout.com comes up with a $5.5b valuation

Dubai: The payment solution provider Checkout.com has come up trumps in a $150 million Series B funding round, which effectively triples the value of the business.

The $5.5 billion valuation reflects a “growing business demand for transformative online payment solutions that perform across all geographies and channels”.

The Series B funding was led by Coatue, along with participation from existing investors, including Insight Partners, DST Global, Blossom Capital, and Singapore’s Sovereign Wealth Fund, GIC.

The London-based portal’s transaction numbers had increased 250 per cent in May compared with a year ago. Global lockdowns have accelerated growth as businesses rapidly pivoted online.

Checkout.com has been profitable since 2012. It will use these funds to further strengthen its balance-sheet, bringing available cash to over $300 million.

The Series B fundraise follows a $230 million Series A in May 2019, which was Europe’s largest fintech Series A round of funding ever.