GIC joins US$150m fundraise of fintech unicorn Checkout.com

SINGAPOREAN sovereign wealth fund GIC has pumped additional funds into London-headquartered payments firm Checkout.com, as part of the startup's US$150 million series B capital raise. 

The investment round was led by fund manager Coatue, and joined by other existing investors, including GIC, US venture firm Insight Partners, Internet firm investor DST Global and London-based venture firm Blossom Capital. 

Including this latest funding, Checkout.com said that its valuation has tripled to US$5.5 billion. GIC previously participated in Checkout.com's US$230 million Series A round in May 2019, which was led by Insight Partners and DST Global. 

The eight-year-old firm provides enterprises with global payments-processing technology via a unified platform that also has data features and fraud-management tools. The company said it has been profitable since 2012, and that it serves over 500 merchants, including ride-hailing players like Grab and Careem, and prominent fintech startups Revolut and Robinhood.

Checkout.com plans to use the fresh funds to strengthen its balance sheet, bringing its cash holdings to over US$300 million. It will also invest in developing new products, such as its payouts solution, as well as in accelerating settlement times.

Guillaume Pousaz, the chief executive of Checkout.com, said: "I'm thrilled to welcome Coatue to our cap table. As meaningful investors in late-stage tech companies such as Instacart, DoorDash, Bytedance and Chime, they bring a wealth of experience in building world-class businesses driven by operational excellence."