Crypto "not a focus" for Checkout.com, as it concentrates on e-commerce and fintech partners

Crypto is a “not a focus” for European payment processor Checkout.com, which is continuing to concentrate on its core e-commerce and fintech partners, says one of its bosses.

Checkout.com, a fintech European darling, has recently launched several new products and said it has seen 40 per cent year-on-year revenue growth.

Valued at $40bn in 2022, Checkout.com's valuation was cut by 75 per cent to $11bn later in that year. It was then cut a further 15 per cent to $9.35bn in 2023.

The UK-headquartered fintech is a full-stack payment firm, acting as both a payment processor and acquirer.

Meron Colbeci, Checkout.com's chief product officer, said that crypto represented less than four per cent of its payment volume.

Colbeci said crypto wasn’t a focus for the startup, founded by Swiss entrepreneur Guillaume Pousaz (pictured).

He said:

”For the last 18 to 24 months we have been 100 per cent focused on our core business which is e-commerce and fintech.

“That strategy has worked extremely well for us, hence the growth numbers that we are talking about. And we intend not to get distracted. Currently, crypto represents about under four per cent of our overall volume.

“If we get distracted, if we try too many things, I think it takes away from the core business.”

Crypto firm Binance was previously a partner, before Checkout.com cut ties with it, while its other crypto partners are understood to include Blockchain.com and Crypto.com.

Outside of crypto, Checkout.com’s partners include Sainsbury and Sony.

Checkout.com has recently inked a three-year sponsorship deal with world padel (a mix between tennis and squash) star Ale Galán.

Colbeci said padel is “gaining a lot of traction and interest in the tech circles that ultimately are our customers” as well as being popular with Checkout.com staff.

After launching in Japan earlier this year, the fintech is expanding to Brazil and Canada next year.

It has also announced a suite of new product launches.

These include a product which allows the customer to store, manage, and retrieve all their Checkout.com transaction payment data in one centralised vault and a new Checkout Business Account, which “optimises cash flow across Checkout.com’s suite of products”.