The Series B round of Checkout.com was led by Coatue Management, a New York-based a technology sector hedge fund

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Checkout.com bags $150m investment through Series B round. (Credit: Pete Linforth from Pixabay)

Checkout.com, a London-based payment solution provider, has raised $150m in a Series B funding round to triple the value of its online international payments business to $5.5bn.

The Series B round was led by Coatue Management, a New York-based a technology sector hedge fund. Existing investors such as Insight Partners, DST Global, Blossom Capital, and Singapore’s sovereign wealth fund GIC also took part in the funding round.

Coatue managing partner┬áKris Fredrickson said: “We have followed the business’ explosive growth and are inspired by Guillaume’s vision for the future of payments. We’re incredibly excited to partner for the next phase of the Checkout.com journey.”

Checkout.com said that it intends to use the funds to further consolidate its balance sheet, bringing its available cash to more than $300m. The fintech company will also invest in the development of new innovative products, including its upcoming advanced payouts solution and the capability to speed up settlement times.

What Checkout.com offers as a fintech company

Checkout.com offers cross border payments services to merchants across the world, using real-time data to optimise and ease the transaction process for businesses via a single platform.

The British fintech company is said to processes more than 150 currencies and offers access to all international cards and well-known local payment methods to more than 500 merchants through its platform. The company employs more than 750 staff in 13 offices across the world.

The payment solution provider made two acquisitions this year, which include French payment company ProcessOut in February followed by that of Australian online payments firm Pin Payments in May.

In May 2019, Checkout.com raised $230m in what is considered as the largest-ever Series A investment round for a European fintech company.

Checkout.com CEO and founder Guillaume Pousaz said: “The way money moves into and out of businesses is changing rapidly. I believe that by solving financial complexity, you can radically unlock innovation — starting with digital payments.

“At Checkout.com, we’ve built a technical architecture that enables pioneers to reinvent industries and redefine their relationship with consumers. Now more than ever, we are confident of our mission to build the connected payments that businesses deserve.”