One of the UK’s most valuable startups says it expects to be full-year profitable for 2025 but says it has no immediate plans to IPO. Checkout.com, which was once Europe’s most valuable private tech startup, turned a profit at the end of 2024 and is now targeting a full-year profit this year.
Fintechs switching from growth at all costs to becoming more cash-conscious has been a long-standing theme in the sector. The London-headquartered payment processor reported a 45 per cent year-on-year net revenue growth across its processing business last year, helped by new customer wins.
Checkout.com said it had added 300 new enterprise partners last year. Checkout.com’s customers include Alibaba, Adidas, Delivery Hero, The Financial Times, Sony and Uber Eats.
It says it grew its headcount by 15 per cent to 1,900 in 2024 and plans to grow its headcount by 15 per cent this year. Checkout.com is a full-stack payment firm, acting as both a payment processor and acquirer.
The startup's core customers are commerce and fintech firms, which account for 95 per cent of its payment volumes. Crypto is no longer a focus for Checkout.com and it is no longer settling payments for its merchants by stablecoin.
In 2020, Checkout.com founder Guillaume Pousaz (picured) said: “If I list, I will list in the US. It seems likely that we would go there.” However, Checkout.com chief product officer Meron Colbeci said a listing was not on the immediate roadmap.
Asked why this was, Colbeci said:
“We currently don't have plans for an IPO. It’s primarily because we are focused on serving our merchants. We are focused on growing the business. As we are turning profitable, we think that that is a healthy thing for the business and we want to see that sustained growth."
Checkout.com has recently opened an office in Brazil, following an office opening in Japan and has also recently launched in Canada.
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.
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