Fintech giant Checkout.com says valuation hits US$40b
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[LONDON] Payments processing giant Checkout.com said Wednesday that a new funding round took its value to US$40 billion, reportedly making it Britain's biggest fintech start-up.
Checkout.com said in a statement that it has raised US$1.0 billion in funds from various international investors including the sovereign wealth funds of both Qatar and Singapore.
The money will "strengthen an already solid balance sheet" and help the group's "ambitious growth plans for the US market" and the "continued evolution of its proprietary technology platform and solutions", it said in a statement.
Other investors included Altimeter, Dragoneer, Franklin Templeton, Insight Partners, Tiger Global and the Oxford Endowment Fund, as well as several existing shareholders.
The Daily Telegraph reported that the fundraising has transformed Checkout.com into the most valuable UK financial technology firm, leapfrogging online bank Revolut.
The newspaper added that it also gives founder and chief executive Guillaume Pousaz, a fortune close to US$20 billion.
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Checkout.com was founded in London in 2012 and has since rapidly expanded to offer fast online payments in more than 150 currencies for some of the world's largest e-commerce companies.
AFP
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