Checkout.com is considering a US listing despite Wirecard

Checkout.com is considering a US listing after raising new funding that nearly tripled the payments start-up’s valuation, making it one of the UK’s most highly valued private tech groups. The funding round led by Coatue Management valued Checkout.com at $5.5 billion, including $150 million of new cash, the London-based company announced yesterday. The investment came about one year after Checkout.com raised a record early funding round for a European fintech company, pegging the group’s valuation at about $2bn. Checkout.com processes digital payments in multiple currencies for Grab, Deliveroo and a host of fintech groups, such as Revolut… Checkout.com’s rapid rise illustrates the growth in digital payments as companies process more sales online during the Covid-19 crisis. With the new funding, Checkout.com’s valuation equals that of the digital bank Revolut, which raised $500 million shortly before the pandemic spread widely to Europe in February. Investors marked Checkout.com’s San Francisco-based competitor Stripe at $36 billion in April, making it the most valuable start-up in the US… Checkout.com’s new funding comes on the heels of revelations that auditors could not locate €1.9 billion of cash claimed by German payments company Wirecard, leading to the resignation of its chief executive Markus Braun. 

Miles Kruppa 

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