Checkout.com, a leading global payment solutions provider, today announces the acquisition of technology startup ProcessOut. This represents the first acquisition for the London-based financial technology firm and follows their 2019 announcement of a record-breaking $230 million Series A funding round. This valued the company at nearly $2 billion, in Europe’s largest fintech Series A round ever.
ProcessOut, an alumnus of Techstars NY and 50 Partners accelerator programs, works with a number of leading businesses, including Glovo, Dashlane, Rakuten and Veepee to optimize their international payment processing. ProcessOut’s technology provides a dashboard for businesses to monitor and benchmark payment processing capabilities. Meanwhile, a smart router optimizes payment processing in real-time to improve performance and reduce costs.
Guillaume Pousaz, Founder and CEO of Checkout.com said, “Whilst we always believe in organic growth, we respect businesses who have built great tech and managed to generate momentum. With over $20bn worth of transactions 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 with our platform will allow us to offer our global merchants a deeper set of actionable insights to improve their acceptance rates and maximize the cost efficiency of their payments.”
“Furthermore it was clear from day one that their team closely aligned with our values to create a fairer and higher-performing payment ecosystem for businesses - with increased transparency and greater control. Given that we believe unconditionally that a business is only as good as its people, we are really excited to bring the ProcessOut team onboard to contribute to our mission of building the future of banking.”
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 to continue working with some of the largest merchants to optimize their payments.”
Founded in 2015 by a team of six French entrepreneurs, the proprietary ProcessOut platform empowers merchants by providing actionable insights through greater access to processing performance data.
ProcessOut will join the broader Checkout.com business to expand its service offering for enterprise merchants processing payments globally. Together, this 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. In September 2019, Checkout.com announced that it had been awarded an Electronic Money Institution license by French regulators. Checkout.com, which has eleven offices globally, also announced plans to scale the company from 600+ employees to 1000 over the next year.