Global payments business Checkout.com has sealed the biggest Series A round in history for a European fintech company through a $230m VC-backed financing.
The investment – believed to be the third largest global Series A for a fintech business – was led by growth investors Insight Partners and DST Global.
According to Dealroom data on Series A fundraises, the biggest Series A round in Europe was previously Switzerland’s TradePlus24 in Jan 2019 at $120m.
Checkout.com said the huge influx of capital underlined the ambition of the seven-year-old business, which looks to provide merchants with a solution that enables payments across all geographies and channels.
Singapore sovereign wealth fund GIC, Blossom Capital, Endeavor Catalyst and other strategic investors also took part in the round.
Checkout.com said it planned to use the funding to continue its rapid growth in Europe, the US and the Middle East, as well as further expansion into Asia and Latin America.
The business offers direct access to domestic acquiring across payment methods and geographies, including all major credit and debit cards, online banking, PayPal, Apple Pay and other eWallets.
Its integrated platform also provides fraud management tools, analytics and reporting features.
Company founder Guillaume Pousaz said, “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.
“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.”
Checkout.com enterprise customers include some of the world’s best known brands, such as Samsung, Easygroup, Getty Images, Deliveroo, Transferwise, Patreon and Virgin Active.
It processes more than 150 currencies and has 345 staff, with nearly 200 based in London and the rest in the company’s eight offices.
Checkout.com said it expected to triple its team over the next three years as the it expands its core business and moves into new product areas.
Insight managing partner Deven Parekh said, “We’ve been following Checkout.com for some time and we have been impressed by their dedication to building the right product for their merchant customers, as well as their commitment to creating a 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.”
Tom Stafford, managing partner at DST Global, added, “Payments are a critical component of any online business. With the digital payments market expected to grow to $6tn by 2021, we believe Checkout.com can expand rapidly through its technology-driven and customer-centric payments solution.”
Copyright © 2019 FinTech Global