Global payments processor Checkout.com announced a $1 billion Series D funding round on Wednesday, which marks a total of $1.8 billion raised to date and a $40 billion company valuation.
Among the primary investors in the latest round are Altimeter, Dragoneer, Franklin Templeton, GIC, Insight Partners, the Qatar Investment Authority, the Oxford Endowment Fund and more.
The U.K.-based startup plans to use the funds to scale operations in the U.S. market, further develop their payment platform and “strengthen leadership in Web3,” according to the statement. Checkout.com founder and CEO, Guillaume Pousaz acknowledged:
"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."
In addition to serving ecommerce and services merchants such as Netflix, Pizza Hut and Sony, Checkout.com also powers large crypto players, including Coinbase, Crypto.com, FTX and MoonPay. Its modular products are also used by the fan token provider Socios.com and the blockchain-based wallet Novi from Meta. The company also claims to be beta-testing a proprietary solution for merchants to settle transactions in digital currencies.
Pousaz added that the company is still in “chapter zero of our journey” of bridging fiat and cryptocurrencies. And according to Checkout.com's 2022 e-commerce trends report, payment diversification strategies are "vital" if brands want to convert more sales, especially as merchants increasingly offer digital wallet integrations, QR code scanners and even to sell their own NFTs.