- ProcessOut is marked to be a debut acquisition of Checkout.com.
- The global payment processor company apparently raised record-breaking USD 230 billion in the Series A Funding round in 2019
- Post this acquisition, ProcessOut’s team would merge with Checkout.com’s global team of 600 employees.
One of the leading global payment platforms, Checkout.com has reportedly announced its first acquisition of a French smart router startup, ProcessOut. Apparently, this marks Checkout.com’s first acquisition of all times. The company, in 2019, recorded groundbreaking Series A funding of USD 230 million which valued the company at nearly USD 2 billion in Europe’s largest fintech Series A round.
The acquisition would enable the payment platform to provide more tools for optimization and streamline payment routing to its potential customers.
In line with this, ProcessOut’s team of 14 employees is expected to merge with Checkout.com’s global team of 600 employees. Moreover, this unison would open up scopes of superior performance and several options for the global merchants to manage their daily payment needs meanwhile retaining the suitability of single integration and unified reporting.
Speaking on the matter, the Founder and CEO of Checkout.com, Guillaume Pousaz commented that ProcessOut perfectly suits as their first acquisition option given that the company has analyzed over USD 20 billion worth of transaction in 2019. Further, amalgamating ProcessOut’s expertise and feature with Checkout.com’s platform would allow the latter to offer a new set to actionable insights to the global merchants on the grounds of augmenting their acceptance rates and maximizing the cost efficiency of payments.
On the other hand, the Chief Product Officer and Co-Founder of ProcessOut, Manuel Huez stated that the team is delighted to be joining Checkout.com and is henceforth looking forward to continuing working with some of the largest merchants in improving their payments.
For the record, ProcessOut works with various businesses with an intent to optimizing their international payment processing. The company’s technology offers a dashboard for businesses to analyze and benchmark payment processing capabilities. It has been reported that over more than 10 per cent of all online transactions across the country were carried out by ProcessOut’s technology in 2019.
Source credit: https://markets.businessinsider.com/news/stocks/global-payment-processor-checkout-com-makes-its-first-acquisition-french-startup-processout-1028938400