GIC backs $450m Series C funding in European payments firm Checkout.com

Photo: Bloomberg

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.