The transaction will strengthen Checkout.com’s capabilities to provide its enterprise customers more tools to optimise and enhance payment routing

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ProcessOut’s team of 14 personnel will be moved to Checkout.com's Paris and London offices. (Credit: Pixabay/Adam Radosavljevic)

UK-based payment solutions provider Checkout.com has acquired France-based payment processing services provider ProcessOut, for an undisclosed amount.

Checkout.com said that the transaction marks its first acquisition, and will strengthen its capabilities to provide its enterprise customers more tools to optimise and modernise payment routing.

In addition, the acquisition follows a $230m Series A funding round closed in 2019, which helped the company’s total valuation reach around $2bn.

Checkout.com founder and CEO Guillaume Pousaz said: “Whilst we always believe in organic growth, we respect businesses who have built great tech and managed to generate momentum.

“With over $20bn worth of transaction analyzed in 2019, ProcessOut fits in this category and as such we are delighted to make them our first acquisition.

“Combining their expertise and features to our platform will allow us to offer our global merchants with a deeper set of actionable insights to improve their acceptance rates and maximize the cost efficiency of their payments.”

ProcessOut team will join Checkout.com’s offices in Paris and London

Through the transaction, ProcessOut will join the Checkout.com business and expand its payments processing service for enterprise merchants around the world.

The business combination would enhance performance and offer more options for merchants to manage their payments needs, while enjoying the convenience of a single integration and unified reporting.

ProcessOut’s team of 14 personnel will be moved to Checkout.com’s Paris and London offices. Checkout.com intends to increase its workforce from more than 600 employees to 1000 by 2021.

Established in 2015, ProcessOut platform is said provide actionable insights to empower merchants, through its enhanced access to processing performance data.

The firm offers international payment processing services for various businesses, including Glovo, Dashlane, Rakuten, Veepee and OUI.sncf.

Its technology provides a dashboard to monitor and benchmark payment processing capabilities, and a smart router will optimise payment processing in real-time to improve performance and reduce costs for businesses.

ProcessOut chief product officer and co-founder Manuel Huez said: “We are excited to be joining Checkout.com at such a pivotal moment. I’d like to thank the dedicated team behind ProcessOut and our investors and mentors who have helped and supported us throughout the journey to make the business what it is today.

“We are looking forward to the next chapter of this journey and to continue working with some of the largest merchants to optimize their payments.”