Coatue leads $150m Checkout series-B with $5.5bn valuation

Katharine Hidalgo
23 June 2020

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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).