GIC joins London-based fintech startup's $209m funding

The startup’s valuation now hit $7.6b (US$5.5b).

GIC has invested in London-based payment solution provider Checkout.com in its series B fundraise of $209m (US$150m), a press release revealed.

The startup’s valuation now hit $7.6b (US$5.5b). The funding round was led by Coatue, along with participation from existing investors including Insight Partners, DST Global and Blossom Capital.

It will use these funds to further strengthen its balance sheet, bringing available cash to over $419m (US$300m). Checkout.com will also invest in the development of new innovative products, including its upcoming advanced Payouts solution and the capability to accelerate settlement times.

Checkout.com’s online transaction numbers had already increased by 250% YoY in May.