Fintech specialist Checkout.com worth $40B with latest fundraise

Payments specialist Checkout.com has become Europe’s second most valuable VC-backed company with a $1 billion Series D.

The London-based company has now more than doubled its valuation to $40 billion since its $450 million Series C in January, which valued it at $15 billion. Since its first funding round in 2019, Checkout.com has raised $1.8 billion and seen its valuation increase 20 times, now rivaling Klarna in Europe.

A host of new names have been added to Checkout.com’s cap table, including Altimeter, Dragoneer, Franklin Templeton, Qatar Investment Authority and the Oxford Endowment Fund. Existing backers Tiger Global, Insight Partners and GIC also participated in the round, among others.

This Series D kicks off what is likely to be another outstanding year for European fintech. Startups in the space raised nearly €24 billion in VC capital last year—an increase of 190% from the year before. The region saw mega-round after mega-round with highlights including Klarna’s $1 billion fundraise and challenger bank Revolut’s $800 million Series E.

Checkout.com plans to use the fresh capital to bolster its US presence—having recently hired Céline Dufétel as New York-based chief financial officer, and launched a new marketplaces product. It will also explore new opportunities within the Web3 space—a future version of the internet based on blockchain. Checkout.com is currently developing a service to settle transactions for merchants using digital currencies.