London-based Checkout.com valued at US$40bn

London-based fintech Checkout.com said its valuation has reached US$40bn following a new funding round.  

Investors such as Altimeter, Dragoneer, Tiger Global as well as several others were involved in the Series D funding round, raising US$1bn for the company.  

The previous round, which took place a year ago, raised US$450mln and led to the company being valued at US$15bn. 

It says the money raised will be invested to strengthen its position in the US market, launching a new platform for marketplace payments and furthering its involvement in the Web3 space. 

“At our core, we help enterprise merchants to navigate the complexity of moving money around the world, whether in fiat currency or bridging the gap to Web3,” said Checkout.com founder and chief executive Guillaume Pousaz.  

New York chief financial officer Céline Dufétel added, “We have long-faced substantial demand to serve the US market, and with our Series D we’re doubling down on our commitment to scaling our platform, partnerships and products for customers here.” 

Founded in 2012, the company services Netflix, Grab Holdings and Coinbase Global by offering electronic solutions that simplify payments as well as offering fraud monitoring on its platform.  

Investments in UK fintech companies were on the rise last year, with the pandemic impacting the way consumers use financial services.  

Funding in online banking services like Monzo, Starling and Revolut helped contribute towards US$11.6bn invested into UK fintechs, outpacing the rest of Europe.