What is the fintech service Checkout?
Fintech service Checkout from the UK recently closed round B. Startup managed to attract 150 million dollars, thanks to which its value has increased to 5.5 billion dollars. This allowed the service to enter the top three most expensive Fintech services. Besides it there are also Revolut and Klarna in the list.
Startup provides online payment services, the main office is located in London. In May last year the service also raised funds, then it managed to get from investors 230 million dollars. Round B allowed to increase the valuation of the company three times. One of the new investors of the service was a hedge fund Coatue Management from the USA.
Guillaume Pousaz The Startup provides a business solution that simplifies online payment and transaction processing. The platform works with 150 currencies of different names, Checkout cooperates with many payment systems, including Visa and Mastercard. Checkout increases the speed of order processing on the website and payment by several times. Thanks to this platform it is possible to customize the transaction process to the customer’s needs and fully automate it.
The popularity of the service is growing. Only in May the volume of transactions increased by 250% compared to last year. Representatives of the company claim that the business was profitable even at the first time of its existence. In 2018, profit figures reached the level of 2.3 million dollars, while revenues – 74.8 million dollars.
Optimizing e-commerce became more relevant than ever during the pandemic and quarantine. Businesses had to move to remote work and process large numbers of orders in a short time. In addition to providing the entire transaction processing chain, the UK startup guarantees increased security and fraud protection. Customers can be assured that bank card data and transferable amounts will not be stolen. Checkout continues to improve its product. It finances developments and new technologies to simplify payment transactions. One of the challenges for retailers and online stores is the length of time it takes to complete transactions, and the startup is trying to speed up transactions without losing quality and security. The received investments will also be used to improve functionality. The company also plans to expand the range of provided business solutions.
Fintech segment is becoming more and more popular, investors are actively investing money in it, assessing the prospects of the sector.
Earlier this year, the service bought the French start-up ProcessOut, which is engaged in the optimization of payment transactions. This acquisition made it possible to combine the products of the two companies into a functional platform.