Ecommerce fraud prevention and payments solutions provider Checkout.com raised $230m in a Series A round of funding led by Insight Partners and DST Global, the company announced in a statement. The sum is the third largest Series A funding round for fintech in history.
Checkout.com provides businesses a global payment processing solution. Its single platform allows eCommerce merchants to accept credit and debit cards, PayPay, eWallets, Apple Pay, and other forms of online banking. Businesses also get access to analytics and reporting features to help them grow their business and detect chargebacks.
In the statement, founder Guillaume Pousaz spoke about the importance of payments and data to enterprise merchants’ success.
“The capital will help us increase the speed at which we roll out new products to address our merchants increasingly complex needs,” he said. “Performance in payments and data streams are key drivers of success for merchants. Our objective remains to help our customers to grow their businesses, by providing them with the solutions and insights they need to win market share.”
Insight Partners and DST Global invested in the company for several reasons. First, because Checkout.com is a company that emphasizes customer satisfaction and success, and also has a proven track record of both helping merchants and turning a profit.
“We’ve been following Checkout.com for some time and we have been impressed by their dedication to building the right product for their merchant customers, as well as their commitment to creating a profitable business,” said Deven Parekh, Managing Partner at Insight Partners.
Second, that focus and success makes Chekout.com well placed to capitalize on the future of eCommerce payments. As the eCommerce market grows, Insight and DST anticipate the company capturing increasing market share in a market only expected to grow.
“Payments are a critical component of any online business,” said DST Global Managing Partner Tom Stafford. “With the digital payments market expected to grow to $6 trillion by 2021, we believe Checkout.com can expand rapidly through its technology-driven and customer-centric payments solution.”