Guillaume Pusaz, the Swiss billionaire behind London-based payments fintech Checkout.com, is now Europe’s richest tech entrepreneur after a new round of fundraising. Pusaz’s company is now valued at $40 billion after raising $1 billion from a group of investors. pusz, who Businesshala Estimated owns close to two-thirds of Checkout.com, which is estimated to be worth $23 billion – more than double the $9 billion Businesshala previously estimated.
The Series D round included investors Altimeter, Dragoneer, Franklin Templeton and many others, and takes the total amount raised by Checkout.com so far to $1.8 billion. Checkout.com said in a statement Wednesday that the funds raised will be used to fuel US growth, where headcount is planned to increase by 200% for this year.
Checkout.com now counts as users of its payment processing services that offer Netflix, Farfetch, Grab and Sony, plus European fintechs such as Klarna and Revolt and crypto players such as Coinbase and Crypto.com.
In the latest accounts published in October 2021 for calendar year 2020, Checkout.com’s business grew 73% to $252 million, while the loss after tax increased from $9 million in 2019 to $25 million.
A spokesperson for Checkout.com did not respond to a request for comment about Pusaz’s net worth.
The new funding underlines the rapid growth of entrepreneurs in digital payment processing during the pandemic. Checkout.com’s valuation grew from $5.5 billion in June 2020 to $15 billion in January 2021, up from $40 billion currently.
Checkout.com’s competitors, Stripe and Aiden, have also shot up eye-watering valuations amid the pandemic-related boom in home shopping. Stripe reported an investor-led valuation of $115 billion in February last year, bringing the estimated net worth of its founders Patrick Collison and John Collison to $9.5 billion per piece. Adyen, which trades on the Amsterdam Stock Exchange, has a market capitalization of approximately $72 billion; Its shares have been rallying since April 2020, although the stock has bounced back from a high hit in early November.
Checkout.com has become one of the most valuable startups in Europe. The company maintains 600 of its 1,100 employees in London and is regulated by the UK regulatory Financial Conduct Authority since 2012, with smaller offices located in Paris, Berlin and San Francisco.
Pusaz, who lives with his family in Dubai, dropped out of college after failing his economics final and founded Checkout.com in 2012 after spell surfing in California. This latest funding round pushed Pusz into the 100 richest people in the world, according to Businesshala, Pusaz is the only European tech entrepreneur in this upper strata of wealth, many of Europe’s super-rich from dynastic global businesses such as BMW, Chanel, Aldi, Lidl and L’Oreal.
Pousaz’s $23 billion stake in Checkout.com makes him richer than Telegram founder Pavel Durov, who is estimated to be worth $17.2 billion, and US-based German entrepreneur Andreas von Bechtolsheim, whose $12.6 billion fortune from an initial $100,000 investment in Google stems from.