DST Global, GIC Among Checkout.com’s US$150M Series B Investors

checkout.com series b

Both DST Global and GIC have previously funded Checkout.com

London-based payments fintech Checkout.com has raised $150 million in a Series B funding round, tripling its previous valuation to $5.5 billion, the company announced in a statement.

U.S.-based technology hedge fund Coatue led the round, with Southeast Asian investors Government of Singapore-owned wealth fund GIC and Hong Kong-based investor DST Global pitching in.

Other participating investors include American venture capital (VC) and private equity firm Insight Partners, and U.K.-based early stage VC fund Blossom Capital, the statement said. Wilson Sonsini Goodrich & Rosati acted as advisors to the round, it added.

With the exception of Coatue, all of Checkout.com’s Series B backers have previously invested in the company.

Checkout.com will be using the fresh funding to support its cash flows, develop new products such as an upcoming payouts solution, and accelerate settlement time, the statement noted.

The $5.5bn valuation places Checkout.com with the likes of Revolut and Klarna, both of which are clients of the B2B startup, on the unicorn board. Southeast Asian startup Grab also features on Checkout.com’s client list.

“The way money moves into and out of businesses is changing rapidly. I believe that by solving financial complexity, you can radically unlock innovation–starting with digital payments,” CEO and Founder of Checkout.com Guillaume Pousaz said in the statement.

The 2012-founded B2B payments technology solutions company processes over 150 currencies internationally, and has 13 offices worldwide, the statement said.

Checkout.com recently acquired U.S.-based smart payments router ProcessOut and Australian multi-currency online payment system Pin Payments this year.

The company had earlier raised $230 million in a Series A last year. DST Global acted as the lead investor for the round with Insight Partners, while GIC and Blossom Capital participated.

DST Global has funded a number of startups this year including Revolut’s $500 million Series D, and more recently led Instacart’s $225 million venture raise.

Some of its Asian investments include Indian digital ledger app Khatabook’s $60 million Series B, Australian fintech startup Airwallex $160 million Series D, and South Korean food delivery and logistics platform Market Kurly’s $160 million Series E.

GIC has also funded several Southeast Asian startups this year. Its most recent investments include Series D funding in Pagaya Investments for $102 million and Apeel Sciences’ for $250 million, as well as Amplitude’s $50 million Series E, all of which it led.

Further, GIC is also an investor in Kopi Kenangan, and participated in its $109 million Series B in May this year.

Header image by Suzy Hazelwood from Pexels

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

What Happens When Metaverse Meets Sports Leagues?

What Happens When Metaverse Meets Sports Leagues?

While many see the metaverse as a place for entertainment and escapism, recent years have seen the rise of sports leagues that exist entirely within it. These leagues have taken advantage of the metaverse’s ability to create realistic and immersive environments to provide their players with a new and unique sports experience.

Are Immersive Art Exhibitions the New Trend

Are Immersive Art Exhibitions the New Trend?

For many, museums and exhibitions are an escape from reality. However, these places have been experiencing an all-time low visitation rate due to Covid-19. Owing to social distancing norms and closures, going to a museum was just not always possible. To address that, museums took to virtual reality (VR).

Top 5 Upcoming IPOs to Watch Out For

Top 5 Upcoming IPOs to Watch Out For

2021 was a good year for IPOs. IPOs in the United States raised US$156 billion, recording an 81 percent increase over the prior year. With such an outburst, tech stocks raised US$69 billion alone significantly. Shares of Bumble, a dating app created for women’s interests, closed up 63.5 percent in their IPO in January 2021.

Tokenization Is a Game-Changer in the Financial World - Here’s How!

Tokenization Is a Game-Changer in the Financial World – Here’s How!

By 2027, businesses and people alike are expected to lose US$40.62 billion in payment fraud. The solution to this problem? Tokenization. It refers to the replacement of sensitive data with unique identifiers that retain the length and format of the original data without having any relationship with it.

4 Successful Indian Mompreneurs You Should Know About

4 Successful Indian Mompreneurs You Should Know About

There is no doubt that motherhood is a challenging job. But some moms out there are taking on an even greater challenge—starting their own businesses. From selling natural and toxin-free products for babies to being the best lipstick brand, these mompreneurs are proving that you can have it all. Read on and get inspired by these moms who have not only overcome challenges but also built successful businesses while raising their kids and family.

Beyond 9 to 5 The Rise of Triple Peak Workdays

Beyond 9 to 5: The Rise of Triple Peak Workdays

None of us would have even dreamt of the life we lived over the past couple of years. We experienced several transitions in doing things; we gained new opportunities and lost many of them. When we talk about work, 6-feet cubicles have been reduced to 15-inch displays as the concept of remote work has become mainstream.