Checkout.com, a London-based company, works with global businesses to optimize their payments with real-time data. This UK fintech company has acquired technology startup ProcessOut to expand its service offering for enterprise merchants processing payments globally
This marks the first acquisition of Checkout.com. Back in 2019, the the London fintech company secured a record-breaking $230 million (approx €209 million) Series A funding round. This valued the company at nearly $2 billion (approx €1.8 billion, in Europe’s largest fintech Series A round ever.
If you are unaware, ProcessOut’s technology provides a dashboard for businesses to monitor and benchmark payment processing capabilities. Meanwhile, a smart router optimises payment processing in real-time to improve performance and reduce costs. The French company works with several businesses, including Glovo, Dashlane, Rakuten, Veepee, and OUI.sncf, to optimise their international payment processing.
Guillaume Pousaz, Founder and CEO of Checkout.com said:
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.
Together, both the companies will offer global merchants better performance and more options to manage their ever-evolving payments needs, whilst retaining the convenience of a single integration and unified reporting. The ProcessOut team of 14 will join Checkout.com’s growing Paris and London offices.
Manuel Huez, Chief Product Officer & Co-Founder of ProcessOut, 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 continuing working with some of the largest merchants to optimize their payments.
Main image credits: ProcessOut
Stay tuned to Silicon Canals for more European technology news