Sunday, July 12, 2020

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

 

By Sharon Lewis

 

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

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