(Bloomberg) -- Checkout.com is returning to growth after a multibillion-dollar slump in valuation and years of losses, with plans to increase its headcount by 15% and return to profitability in 2025.
The London-based electronic payments firm’s net revenue rose 40% last year, it said in a letter to merchants and stakeholders seen by Bloomberg News, and ended the year with positive adjusted Ebitda.
“In 2025, we’re targeting 30% growth and sustained profitability driven by product innovation, global expansion, and operational efficiency,” wrote Guillaume Pousaz, founder and chief executive officer. Pousaz has in recent months relocated to London from Dubai to be closer to the team at Checkout’s Silicon Roundabout headquarters.
Globally, the company has homed in on providing other firms such as Klarna, Alipay and Zilch with payments technology, said Meron Colbeci, Checkout’s chief product officer. The firm has also rolled out more capabilities to compete with payment giants such as Stripe and Adyen.
“We’ve had a tremendous success since the refocusing of the business on enterprise, e-commerce and fintech. And that’s what’s worked well for us,” Colbeci said in an interview.
Checkout’s US business grew more than 80% last year, according to the letter.
The firm is seeking to further grow its headcount after adding 200 staff last year. It’s currently hiring across product, technology, and operational roles, jobs listings show. Checkout has 1,900 employees with offices around the world including in New York, Riyadh, and Singapore.
Checkout was one of Europe’s biggest startups with a valuation of $40 billion in 2022, when it raised money from institutions including Tiger Global Management and the Qatar Investment Authority. As interest rates rocketed and investors cooled on the fintech industry’s potential, the firm cut its internal valuation to $9.35 billion a year later.
The firm’s global parent, Checkout Payments Group Ltd., is headquartered in Jersey and does not disclose its financial statements. Its UK entities posted total losses of $306 million in 2023, with the termination of a large client driving the fall in revenue, according to the most recent accounts.
A spokesperson confirmed that Checkout had “proactively terminated” its business with crypto platform Binance in 2023. Around that time, the firm sought to distance itself from adult entertainment and gambling clients.
The CEO previously said he would list his firm in the US. The company still has its sights eventually on the US where it is growing the fastest, according to a person close to the matter, who did not want to be named speaking about private matters. Colbeci said the firm has no current plans to IPO.
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