London-based Checkout, the payment company has announced that it is acquiring New York-based international payment solutions and services company ProcessOut for an undisclosed amount. The deal marks Checkout’s first acquisition.
Notably, Checkout picked up a massive $230 million Series A investment last year when DST Global and Insight Partners led the round along with Endeavor Catalyst, GIC, and Blossom Capital. That round had valued Checkout close to $2 billion.
The firm counts big names like Samsung, Transferwise, EasyGroup, Virgin, and Adidas among its customers. The platform supports multiple payment options like debit and credit cards, Apple Pay and Google Pay along with local payment platforms like Klarna, iDEAL, and Giropay,
ProcessOut, on the other hand, was launched in 2015 by Cyril Chemla, Gregoire Delpit, Louis-Paul Dareau, and Manuel Huez as a platform that uses the smart route to facilitate international payment solutions and services. ProcessOut too has got a few big names among its clients that include Glovo, Veepee, Rakuten.fr, and Dashlane.
Manuel Huez, the CFO of the company commenting on the deal 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 to continue working with some of the largest merchants to optimize their payments.”
Checkout CEO Guillaume Pousaz talking about the acquisition says that 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.”
Post the deal, the 14-employee team of ProcessOut will be joining the larget team of Checkout in Paris and London.
Image courtesy : Checkout