Coatue leads $150m Checkout series-B with $5.5bn valuation
Coatue has led a $150m series-B funding round for payments provider Checkout.com.
The round also saw participation from existing investors, including Insight Partners, DST Global, Blossom Capital and Singapore's sovereign wealth fund, GIC.
US-based late-stage investor Coatue has previously taken stakes in companies such as Instacart, DoorDash, Bytedance and Chime.
Alongside the announcement, the company is expected to begin exploring floating on the stock market, according to a report by the Financial Times.
The company has been profitable since 2012, according to a statement.
It will use the fresh capital generated in this round to further strengthen its balance sheet, bringing available cash to more than $300m. Checkout.com will also invest in the development of new innovative products, including its upcoming advanced Payouts service and the capability to accelerate settlement times.
Previous funding
Insight Partners and DST Global led a $230m series-A funding round for the UK-headquartered payment processing software developer in May 2019. The round valued Checkout.com at around $2bn. GIC (a minority shareholder in Unquote parent company Acuris), Blossom Capital, Endeavor Catalyst and a number of strategic investors also took part in the round.
Checkout.com has acquired two businesses in 2020; ProcessOut in February and Australian startup Pin Payments in May.
Company
Founded in 2012, London-headquartered Checkout.com is a payment processing software developer. Its platform enables cross-border payments for e-commerce and includes a payment gateway, risk and fraud monitoring tools and data analytics. It handles multiple forms of payments including credit and debit cards, online banking, PayPal, Apple Pay and other digital wallets. Checkout.com employs 750 staff across 13 offices globally.
The company generated $74.8m in revenues in 2018, and it now generates in excess of $100m annually, according to a statement.
People
Coatue – Kris Fredrickson (managing partner).
Checkout.com – Guillaume Pousaz (CEO).
Advisers
Company – Wilson Sonsini Goodrich & Rosati (legal).
More on Expansion
Blackstone takes minority stake in Groupe Premium
Deal values French wealth manager at EUR 1.15bn after earlier full exit attempt saw Eurazeo target EUR 1.5bn
e-Attestations aims to triple size with new Keensight backing
Keensight is investing in the risk management platform via its EUR 1bn fifth fund, which closed in 2019
The Bolt-Ons Digest - 3 July 2023
Unquote’s selection of the latest add-ons with Palatine's Anthesis, Nordic Capital's Regnology, Waterland's Janssen and more
GP Profile: Limerston Capital anticipates higher volume but more complex M&A as market steadies
UK-based GP is seeing dealflow driven by carve-outs and buy-and-build in a market where organic multiple arbitrage is no longer a given
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater