Global payment service provider Checkout.com has raised USD 150 million in a Series B funding round, tripling its valuation to USD 5.5 billion.

According to the press release, the Series B funding round follows a USD 230 million Series A in May 2019, and it will be used to invest in the development of new products, including the company’s upcoming Payouts solution and the capability to accelerate settlement times. 

Moreover, Checkout.com’s online transaction numbers were reported to increase by 250% comparing May 2019 and May 2020. The Series B funding was led by Coatue, along with participation from existing investors, including Insight Partners, DST Global, Blossom Capital, and Singapore’s Sovereign Wealth Fund, GIC.  

Checkout.com added more than 500 merchants to its books in the last twelve months including Grab, Revolut, Careem, Glovo, Robinhood, Farfetch, Klarna, and Remitly. The company offers direct access to domestic acquiring across payment methods and geographies, through a unified integrated platform, offering enterprise businesses solutions such as advanced data features, fraud management tools, and comprehensive reporting. Besides, the company processes over 150 currencies, and offers access to all international cards and local payment methods to merchants through its proprietary integrated platform.  

Overall, Checkout.com has been continuously expanding in 2020 by acquiring two businesses, ProcessOut in February and Australia-based start-up Pin Payments in May.