Singapore’s sovereign wealth fund GIC has backed the $450-million Series C funding in London-headquartered global payment solutions provider Checkout.com, marking its third investment in the payments company.
GIC first invested in Checkout.com’s $230-million Series A round in 2019 and then made a follow-on investment in the firm’s $150-million Series B last year.
The latest funding round was led by US technology investor Tiger Global Management and participated by existing investors, including Insight Partners, DST Global, Coatue Management, Blossom Capital, and Endeavor Catalyst.
In a statement, Checkout.com said the funding round triples the company’s valuation to $15 billion and will allow it to further expand across the globe.
Checkout.com offers corporate customers global payment processing and direct access to domestic acquiring across payment methods and geographies through an integrated platform.
Besides online payment, the platform also provides offerings such as advanced data features, fraud management tools, and comprehensive reporting. It serves clients like Grab, Revolut, Careem, Glovo, Robinhood, Farfetch, Klarna, and Remitly.
Checkout.com processes over 150 currencies and offers access to all international cards and popular local payment methods to merchants through its proprietary integrated platform.
Last year, it acquired two businesses, including French payment optimization startup ProcessOut in February and Australian online payment system Pin Payments in May.
While Checkout.com’s profits from current operations will continue to be reinvested, the new funding will be used to further grow its balance sheet and drive new innovative opportunities, the company said.
“Payments affect everything from the customer journey to a business’s ability to enter new markets or launch new products. This latest fundraise reflects our market-leading position and the size of our aspirations,” said Guillaume Pousaz, CEO and Founder of Checkout.com.
Last October, GIC also co-anchored the $100-million Series D funding in India-based payments solutions company Razorpay. The funding round minted Razorpay as a unicorn.