Checkout.com Secures Georgia Banking Charter to Enhance US Expansion and Payments Performance

What's Happening?

Checkout.com has announced a strategic move to solidify its position in the US market with the acceptance of its application for a Merchant Acquirer Limited Purpose Bank (MALPB) charter by the State of Georgia Department of Banking and Finance. This charter will grant Checkout.com direct access to US card networks, enabling it to act as its own acquirer. The move is expected to enhance payments performance and provide a smoother experience for its enterprise merchants. Since entering the US market in 2021, Checkout.com has experienced rapid growth, with US volumes growing by over 80% in 2024.

Why It's Important?

The acceptance of the MALPB charter is a pivotal moment for Checkout.com as it seeks to expand its presence in the US market. This move positions Checkout.com on par with major US incumbents, allowing it to deliver high-performing payments and enhanced control for its enterprise merchants. The US market is poised to become Checkout.com's largest region, representing a significant opportunity for growth. The charter is expected to accelerate Checkout.com's expansion and strengthen its competitive position in the payments industry.

What's Next?

Checkout.com plans to establish a new office in Atlanta, Georgia, to support its US payment and banking operations. The company has appointed Jordan Reynolds as the new MALPB CEO and head of North America Banking to lead the next phase of expansion. Checkout.com is focused on building a digital-first, enterprise payments proposition to offer US merchants a powerful alternative to legacy players. The company is expected to continue its growth trajectory, with the US market becoming its single biggest region globally by the end of 2027.

Beyond the Headlines

The acceptance of the MALPB charter highlights the growing importance of digital payments in the US market. Checkout.com's strategic move reflects the increasing demand for efficient and high-performing payment solutions among enterprise merchants. As the company expands its presence in the US, it may drive innovation and competition in the payments industry, offering merchants a unique choice beyond traditional incumbents. This development underscores the potential for digital-first solutions to transform the payments landscape.