The latest company to join the UK’s billion-dollar club is Checkout.com, following a colossal $230m (£176m) equity funding round. Like many of its fellow unicorns, the company operates within the Fintech space, and develops software for businesses to process online payments in multiple currencies.
First turning a profit in 2015, just three years after incorporation, Checkout.com then hit three of our high-growth triggers. Kick starting 2018 by attending the FutureFifty Accelerator run by TechNation, the company gained access to mentoring, technical expertise and networks for the two-year duration of the programme. Other alumni include the likes of OakNorth Bank, Azimo, Bulb and Darktrace, big names in the world of disruptive business. In November 2018, shortly after the beginning of this acceleration, the payment processing platform placed second in Deloitte’s Fast 50 2018 high growth list, after Deliveroo.
Up until now, the company has taken a seemingly minimal approach to equity, making its journey to a £1b valuation fairly inconspicuous. Checkout.com is ultimately owned by a parent company based in the Isle of Man. From filings made to Companies House they look to have taken a chunk of equity before 2012, of around £570k in value. Since then, it sold few more shares until its £176m megadeal, backed by funds from around the world. Investors included Russia’s Digital Sky Technologies, Government of Singapore Investment Corporation and US funds Insight Partners and Endeavor Catalyst, alongside the UK fund Blossom Capital.
These large commitments of cash demonstrate global investor’s continued appetite for innovative British Fintech firms. Checkout.com has managed to harness this momentum for its own growth and expansion, and whilst not quite a household name just yet, we expect that to change very soon.
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