London-based Checkout.com, one of the most valuable fintech companies, has made a pre-tax loss of $6 million in the year ending 2023. As per the new figures, this is a significant reduction on the $138 million loss the previous year.
The figures show that employee numbers at Checkout.com were down from 1,032 in 2022 to 284 in 2023, which is a 72% reduction. It was one of the most valuable fintechs in the UK in 2022 after raising $1 billion in fundraising with a valuation of $40 billion.
However, later in the year, Checkout.com’s valuation was cut by 75% reaching $11 billion. In 2023, it dropped by another 15% reaching $9.35 billion. In addition to this, the company’s revenue decreased from $246 million to $212 million during this period.
This was primarily driven by the termination of a large merchant partner, Checkout.com said. During this period, the company cut ties with Binance, the crypto exchange. Talking about its headcount, the biggest drops were within Technology and Product, down from 508 to 99, and corporate down from 269 to 50 in the period. Last year, Checkout.com said its focus was on its e-commerce and fintech partners, not crypto partners.
Flexible payment technology for marketplaces
Founded by Guillaume Pousaz, a Swiss entrepreneur and university dropout in 2012, Checkout.com sells a software platform that makes it easier for businesses to process and take payments over the web. The company claims its flexible solutions, granular data, and instant insights help enterprises launch new products in new markets and create great customer experiences.
It provides fintech companies with a cross-border payment solution for digital commerce. The business offers direct access to domestic acquiring across payment methods and geographies, including all major credit and debit cards, online banking, PayPal, Apple Pay, and other eWallets. It provides payments in more than 150 currencies.
The company serves large-scale ecommerce and services merchants like Netflix, Farfetch, Grab, NetEase, Pizza Hut, Shein, Siemens, and Sony; fintech unicorns such as Klarna, Qonto, Revolut, and WorldRemit; and some of the world’s largest crypto players, including Coinbase, Crypto.com, FTX, and MoonPay.
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