Checkout.com, one of Europe’s top fintech firms, reported a 73% increase in losses at its UK entities, reaching $306M in 2023, up from $177M in 2022.
Revenue Decline
Revenue from processing payments in the UK dropped by 13%, falling to $212M from $246M in 2022. This decline followed the termination of a major client, likely crypto exchange Binance, which Checkout cut ties with in mid-2023.
Breakdown of Losses
- Checkout Ltd (payments processing) reduced pre-tax losses from $138M in 2022 to $6M in 2023.
- Checkout Technology Ltd (IP and tech) saw losses spike from $38M to $300M, primarily due to UK employees shifting to this entity for payroll.
Operational Adjustments
Headcount across the two UK entities dropped from 1,244 in 2022 to 1,157 in 2023.
Global Context
A spokesperson noted that global revenues grew 40% in 2024, but the filings only reflect UK operations. Checkout’s parent company, based in Jersey, offers limited financial disclosures.
Valuation Cuts
- Checkout’s valuation fell from $40B in early 2022 to $11B by the end of the year. In 2023, the valuation was further reduced to $9.4B.
- Since 2012, Checkout has raised $1.8B from investors, including Tiger Global, GIC, Insight Partners, and the Qatar Investment Authority.
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