Checkout.com reported the valuation has reflected demand for its online payment solutions across regions and channels.
Its transaction numbers reportedly increased by 250 per cent year-on-year in May, with country lockdowns accelerating the company’s growth.
Checkout.com stated it will use the funds from the raise to bolster its balance sheet, bringing available cash to more than US$300 million ($436.6 million), as well as investing in the development of new products, including its upcoming advanced Payouts solution.
The raise has followed a US$230 million ($334.7 million) Series A raising in May last year.
Checkout.com also recently bought Perth fintech Pin Payments, as part of a move to expand across the APAC region.
The Series B funding was led by investment manager Coatue, along with participation from existing investors, including Insight Partners, DST Global, Blossom Capital and Singapore’s Sovereign wealth fund, GIC.
Checkout.com chief executive and founder Guillaume Pousaz welcomed Coatue’s backing.
“As meaningful investors in late-state tech companies such as Instacart, DoorDash, [ByteDance] and Chime, they bring a wealth of experience in building world-class businesses driven by operational excellence,” Mr Pousaz said.
“Now more than ever, we are confident of our mission to build the connected payments that businesses deserve.”
Kris Fredrickson, managing director at Coatue said his company was excited to partner for the next phase of the Checkout.com journey.
“We have followed the business’ explosive growth and are inspired by Guillaume’s vision for the future of payments,” he said.
The London-based fintech processes more than 150 currencies and employs more than 750 staff across 13 offices globally.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
Sarah has a dual bachelor's degree in science and journalism from the University of Queensland.
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