Peace-of-mind and reliability are key pillars in the foundation of any business transaction, and in the ever-expanding world of online shopping, the need for trustworthy and efficient payment technology is mandatory for consumers and merchants alike. Checkout.com is the up-and-comer for handling the money-processing side in today’s online-purchasing boom.
First established in London by Chief Executive Officer, Guillaume Pousaz, Checkout.com has evolved from its humble beginnings, turning its first profit in 2012. The company’s expansion to nearly 50 countries and over 150 currencies since then is earned by the fundamentals of its features: sales and data analytics, payment reconciliation API, and fraud detection based on machine learning.
Now a $15 billion dollar enterprise and the fourth largest fintech company worldwide, Checkout.com’s financial success was initially aided by Series A investments in 2019 of $230 million at a $2.2 billion valuation, and another $150 million raise less than a year later, at a $5.5 billion valuation.
Pousaz prides himself on Checkout.com’s frugality, only hiring employees on an as-needed basis and restricting frivolous spending. With two-thirds of all spending going directly to IT and software engineering, he was able to create a product that promotes itself through functionality and requires less focus on sales, which constitutes only 13% of company spending.
In addition, the company prioritizes quality of service by minimizing their client volume. Unlike other transaction software companies, Checkout.com primarily does business with only big merchants. With under 1,400 vendors utilizing their software, the slow and focused climb to establishing clientele has made way for a more intimate and personalized experience for its clients.
Now, with the demand for online transaction software growing in light of the pandemic, the company has just completed a massive Series C funding round, raising $450 million at a $15 billion valuation. This time, the focus is to further U.S. expansion, with two new offices opening in New York and Denver.
The future looks bright for Checkout.com, projecting an 80% increase and 500 new employees for 2021. Pousaz holds the key to consistency with his business strategies and future expansions. “I believe that by solving financial complexity, you can radically unlock innovation — starting with digital payments,” he said.