Checkout.com raises a massive $1 billion in funding, doubling its valuation to $40 billion in a year

Checkout.com, a popular payment solutions provider that specializes in processing international payments for e-commerce businesses, has raised $1 billion in new funding to invest in the US market and expand into the new Web3 space.

The new funding round was backed by several new and existing investors including Altimeter, Dragoneer, Franklin Templeton, Singapore’s GIC, the Qatar Investment Authority, Tiger Global, the Oxford Endowment Fund, and a “large West Coast mutual fund management firm” participated in the round.

The announcement comes just a year after the London-based startup raised $450 million at a $15 billion valuation. The latest round now puts the company at a $30 billion valuation.

Founded in 2012 by Guillaume Pousaz, Checkout.com provides fintech companies with a cross-border payment solution for digital commerce. The business offers direct access to domestic acquiring across payment methods and geographies, including all major credit and debit cards, online banking, PayPal, Apple Pay, and other eWallets.

The company also added that the new fund will be used to invest in the United States market to meet the high demand and launch a new platform to ease payments within online marketplaces, the company said. Checkout.com will also use the latest capital infusion to explore more opportunities in the Web3 – a term for a utopian version of the internet that is decentralized.