UK-based payment solution provider Checkout.com has closed a $450m Series C funding round at a post-money valuation of $15bn.
The funding round was led by Tiger Global Management, which was joined by Greenoaks Capital.
Existing investors Insight Partners, DST Global, Coatue Management, Blossom Capital, Endeavor Catalyst, and Singapore’s GIC also participated in the round.
Checkout.com has secured $830m investment in the last couple of years.
The firm will use the fresh capital to invest in the future of payments beyond the Covid-19 pandemic.
The company will boost its balance sheet and drive new opportunities in the payments space.
Checkout.com will also use its existing cash to invest in product development, such as in its Payouts solution.
Its cloud-based platform allows merchants to manage payins and payouts, while boosting efficiencies and acceptance rates globally.
The platform is used by e-commerce merchants like Farfetch, Mango, Victoria’s Secret, L’Occitane and The Hut Group.
Checkout.com also processes payments for businesses such as Pizza Hut, Coinbase and fintech Klarna.
Checkout.com CEO and founder Guillaume Pousaz said: “This latest fundraise reflects our market-leading position and the size of our aspirations as we accelerate in our mission to empower merchants to build better products, drive more revenue and create innovative business models by reimagining interactions with financial services.
“Our new investors bring a wealth of experience across payments, technology and scaling companies – crucial knowledge for the next stage of our growth, as we continue to build our vision for the future of Connected Finance.”
In addition to the Series C funding round, Checkout.com is opening a new office in New York City.
Launched in 2017, the company also operates in San Francisco. With the new office, Checkout.com will cater to the growing demand of its ‘Connected Payments’ solutions in the US.
This announcement comes after the payments firm raised its focus on domestic, global, and cross-border payments for US businesses.
The company also said that it will hire an additional 700 people across all its locations this year.
In June last year, Checkout.com raised $150m in a Series B funding round, which tripled its valuation to $5.5bn.