Online payments startup Checkout.com is now Europe's most valuable VC-backed company following a $450 million Series C.
The London-based company nearly tripled its valuation to $15 billion with a round led by Tiger Global. Greenoaks Capital joined the fundraise, as did existing investors including Insight Partners, DST Global and Blossom Capital.
Checkout.com aims to be a one-stop shop for payments, integrating electronic payments, analytics and fraud monitoring into a single platform. It processes transactions for clients including Grab, Farfetch and Klarna, which was previously Europe's most valuable fintech startup after reaching a $10.65 billion valuation in September.
Checkout.com has raised an eye-watering $830 million in the last two years. Although it was founded in 2012, the company only raised its first round of financing in May 2019, which was followed just over a year later with a $150 million Series B that valued it at $5.5 billion.
The new investment will go toward its international expansion, focusing on the US. Alongside the new funds, the company has announced the opening of offices in New York and Denver to boost its US footprint. The capital will also be used for recruitment, with plans to add 700 employees to its 1,000 person-strong team.
Checkout.com still has a ways to go to catch up with its US-based payments peers when it comes to valuation, however. Stripe is currently valued at $36 billion, and Bloomberg reported in November that the San Francisco-based company is in talks to raise new capital at a valuation of up to $100 billion.