The global payments firm, Checkout.com today (Wednesday) closed a $1 billion Series D funding round which gives the cloud-based end-to-end payments platform a $40 billion valuation.

Today's Series D funding round valuation was in stark contrast to last year's Series C funding round which raised $450 million giving the payments company formed in 2012 a $15 billion valuation which equates to a 167% valuation increase from Series C to Series D funding. The Series B funding round in June 2020 raised $150 million.

The company has reported that it tripled payments volumes in 2021 for a third consecutive year equalling a volumes increase of at least 27 times since the beginning of 2019.

Checkout.com counts some of the biggest and most recognisable names in the business world as customers, including Netflix, Sony, Pizza Hut and Siemens. In addition, it can boast some of the leading names in the burgeoning crypto industry, including Crypto.com and Coinbase.

Some big-name investors led the latest funding round. As well as the likes of Altimeter, Dragoneer, Franklin Templeton, GIC, Insight Partners, the Qatar Investment Authority, Tiger Global and the Oxford Endowment Fund all investing, the Series D funding round was joined by a number of investors from the Series C funding round such as Blossom Capital, Coatue Management, DST Global, Endeavor Catalyst and Ribbit Capital.

"Chapter Zero of Our Journey"

The London-headquartered company now expects to focus on growth in North America and pursue a 'Web 3.0' strategy.

The Founder and CEO, Guillaume Pousaz said in a statement: “By combining an elegant technology stack with industry expertise and an ‘extra-mile’ approach to service over the past decade, we’ve built deep partnerships with some of the world’s most innovative companies.”

“Our Series D is validation of that work, but given we’re still in ‘chapter zero’ of our journey, it will also fuel our efforts to unlock the enormous untapped opportunity ahead.”

“At our core, we help enterprise merchants to navigate the complexity of moving money around the world, whether in fiat currency or bridging the gap to Web3.”