Checkout.com hires hundreds of employees as it looks to return to profitability

(Bloomberg) — Checkout.com is returning to growth after a multi-billion-dollar valuation plunge and years of losses, with plans to increase its headcount by 15% and return to profitability in 2025.

The London-based electronic payments company said in a letter to merchants and stakeholders seen by Bloomberg News that its net income grew 40% last year and ended the year with positive adjusted Ebitda.

“By 2025, we aim to achieve 30% growth and sustained profitability, driven by product innovation, global expansion and operational efficiencies,” founder and CEO Guillaume Pousaz wrote. In recent months, Pousaz moved from Dubai to London to be closer to Checkout’s Silicon Roundabout headquarters team.

Checkout Chief Product Officer Meron Colbeci said that globally, the company is committed to providing payment technology to other companies such as Klarna, Alipay and Zilch. The company is also rolling out more features to compete with payment giants like Stripe and Adyen.

“We’ve had great success since the business refocused on enterprise, e-commerce and fintech. It’s worked well for us,” Kolbesi said in an interview.

Checkout’s U.S. business grew by more than 80% last year, the letter said.

The company is looking to further increase its headcount after adding 200 employees last year. Job postings show the company is currently recruiting for product, technology and operations positions. Checkout has 1,900 employees and offices around the world, including New York, Riyadh and Singapore.

Checkout is one of Europe’s largest startups, valued at $40 billion in 2022, when it raised funding from the likes of Tiger Global Management and the Qatar Investment Authority. The company slashed its internal valuation to $9.35 billion a year later as interest rates soared and investors cooled off the potential of the fintech industry.

The company’s global parent Checkout Payments Group Ltd., based in Jersey, does not disclose its financial statements. Its UK entities posted total losses of $306 million in 2023, according to the latest accounts, with the termination of a major customer leading to a drop in revenue.

A spokesperson confirmed that Checkout had “voluntarily terminated” its business with cryptocurrency platform Binance in 2023. Around that time, the company tried to distance itself from adult entertainment and gambling customers.

The CEO has previously said he would list his company in the United States. The company will ultimately still set its sights on the United States, where it is growing fastest, according to a person familiar with the matter who asked not to be named. Colbeci said the company currently has no plans for an IPO.

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