Checkout.com raises $1bn, places key focus on developing Web3 technologies

Global payments platform Checkout.com is keen on strengthening its position within the Web3 space following a $1bn Series D fundraising round.

Dubbed a ‘generation-defining opportunity’ by the payments platform, the popularity of emerging technologies like cryptocurrencies and NFTs have prompted Checkout.com to strengthen its position in the Web3 space.

Web3 – a concept focused on decentralisation, tokenised economics and the implementation of blockchain technologies – has become the latest ‘hot topic’ in the internet space thanks to its ability to nurture communities and provide more diverse working structures.

Noted for its global payments infrastructure and payment rails, Checkout.com helps leading crypto-based businesses and exchanges including Binance, Coinbase, FTX, MoonPay, crypto.com and Circle simplifies key processes when paying or transacting with cryptocurrencies online.

Checkout.com will now continue to bolster its array of ‘modular products’ and develop its platform to support more crypto and Web3-based businesses.

It has already supported fan token platform Socios.com and blockchain-based wallet Novi from Meta in their endeavours and is keen to continue its work within the space – the company is already privately beta-testing an ‘innovative solution’ to help settle transactions for merchants using digital currencies.

In addition, the funds will also be used to scale its infrastructure to meet growing demand from US consumers by maintaining a focus on key enterprise clients like crypto merchants and help them grow “domestically and internationally”.

The investment round was backed by an array of primary investors including Altimeter, Franklin Templeton, GIC, the Qatar Investment Authority and Tiger Global. The Series D funding now gives the payment platform a $40bn market valuation.

“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,” said Checkout.com founder and CEO, Guillaume Pousaz.