Checkout.com's valuation hits $40 billion with $1 billion raise
January 12, 2022, 10:51AM EST
1 min read
Payment processor Checkout.com said on Wednesday its valuation had hit $40 billion following the completion of a $1 billion Series D funding round.
The raise secures its place as one of Europe's most valuable start-ups and more than doubles its valuation since its Series C a year ago when it raised $450 million at a $15 billion valuation.
The company said in a release that in that time, it has tripled the volume of transactions processed for the third year in a row. The company serves large-scale e-commerce and services merchants like Netflix, Farfetch, and Sony; fintech unicorns such as Klarna, Qonto, Revolut and WorldRemit; and many of the world’s largest crypto players, including Coinbase, Crypto.com, FTX, and MoonPay.
Primary investors included Altimeter, Dragoneer, Franklin Templeton, GIC, Insight Partners, the Qatar Investment Authority, Tiger Global, the Oxford Endowment Fund and another large west coast mutual fund manager. Checkout.com said several of the company’s other existing investors also participated.
The money will be used to further growth plans for the US market, where it expects its North American employee base to grow by 200% in 2022.
It will also look to grow its proprietary technology platform and solutions, as well as development in web3, it said. It is already testing a service to settle transactions for merchants with digital currencies.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
In this episode of The Scoop, StarkWare Co-Founders Uri Kolodny and Eli Ben-Sasson walk through StarkWare's recent fundraise and discuss how their firm is bringing affordable blockchain transactions to the masses.