London startup Checkout.com raises $230m in Europe’s largest ever fintech series A

London-based fintech firm Checkout.com has raised $230m (£176.6m) from investors Insight Partners and DST Global, marking the largest European early-stage fintech raise to date.

It is also the largest series A fintech fundraise globally of all time. Singapore’s sovereign wealth fund GIC, Blossom Capital, Endeavor Catalyst and other strategic investors also participated in the round.

With clients such as Samsung, Deliveroo and Transferwise, Checkout.com provides online payment solutions in more than 150 currencies. Founded in 2012, it has 345 staff with nearly 200 employees based in the UK capital.

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The startup will use the funding to continue its growth in Europe, the US and the Middle East, with further expansion into Asia and Latin America. Checkout.com said it expects to triple its headcount over the next three years, as it expands its core business and moves into new product areas.

"Bringing world-class investors on board for our first funding round is a validation of everything the Checkout.com team has worked hard to achieve over the years and a way to flag just how serious we are about building a global leader that can serve any business, in any geography," said founder Guillaume Pousaz. 

"The capital will help us increase the speed at which we roll out new products to address our merchants increasingly complex needs."

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Insight Partners managing partner Deven Parekh, who was an early investor in Twitter, Alibaba and JD.com, will take a seat on Checkout.com's board as part of the deal.

"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 Parekh. 

"The payments world is changing rapidly and online payments will be the source of most financial services in future."

The next largest series A in European fintech was raised by British savings challenger Oaknorth in October 2017, banking $200m.