Global payments processor Checkout.com has raised $1 billion in a Series D financing round, valuing it at $40 billion, to help fund its growth plans for the US market.
The fundraising was led by primary investors Altimeter, Dragoneer, Franklin Templeton, GIC, Insight Partners, the Qatar Investment Authority, Tiger Global, the Oxford Endowment Fund and “another large West Coast mutual fund management firm”.
Existing investors Blossom Capital, Coatue Management, DST Global, Endeavor Catalyst and Ribbit Capital also participated in the round.
Checkout.com said that it will use the proceeds for three key initiatives, one of which is its push into the US, where it currently offers a complete proprietary end-to-end payment processing platform.
“We have long-faced substantial demand to serve the US market, and with our Series D we’re doubling down on our commitment to scaling our platform, partnerships and products for customers here,” said Checkout.com’s New York-based CFO, Céline Dufétel.
She added that the company plans to grow its North American employee base by 200% this year.
The other two initiatives the investment will fund are the continued evolution of its proprietary technology platform and solutions, and its goal to remain on the “cutting edge of Web3”.
The company serves ecommerce and services merchants, including Netflix, Farfetch, Grab, NetEase, Pizza Hut, Shein, Siemens and Sony, as well as fintech unicorns such as Klarna and Revolut, and crypto players Coinbase and Crypto.com.
Guillaume Pousaz, founder and CEO of Checkout.com, said: “At our core, we help enterprise merchants to navigate the complexity of moving money around the world, whether in fiat currency or bridging the gap to Web3.”
Pousaz added: “By combining an elegant technology stack with industry expertise and an ‘extra-mile’ approach to service over the past decade, we’ve built deep partnerships with some of the world’s most innovative companies.
“Our Series D is validation of that work – but given we’re still in ‘chapter zero’ of our journey, it will also fuel our efforts to unlock the enormous untapped opportunity ahead.”