This month, Checkout, a digital payments processing company that was founded in 2012 in London, announced that it has raised $230 million in Series A funding at a valuation just shy of $2 billion co-led by Insight Partners and DST Global.
It’s the first institutional round for the company; it’s also one of the biggest Series A rounds ever for a European company.
What’s so special about Checkout that investors felt compelled to write such big checks? In a sea filled with fintech startups, it’s hard to know at first glance what differentiates it — or whether investors merely spy a huge opportunity, particularly given the company’s recent revenue numbers.
Checkout helps businesses — including Samsung, Adidas, Deliveroo and Virgin, among others — to accept a range of payment types across their online stores around the world. According to the WSJ, the fees from these services are adding up, too. It says Checkout’s European business generated $46.8 million in gross revenue and $6.7 million in profit in 2017, information it dug up through Companies House, the United Kingdom’s registrar of companies.
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