What is the story about?
What's Happening?
Checkout.com, a fintech company, has announced a new valuation of $12 billion as part of an employee stock buyback program. This valuation marks a significant increase from its previous valuation of $9.35 billion in 2023. The valuation was determined through a 409A assessment by an independent third-party, rather than through new investor funding. Checkout.com, known for processing approximately $1 billion in e-commerce payments daily, has been expanding its workforce, now employing 2,000 people across 19 global offices. The company is also on track to achieve full-year profitability by 2025.
Why It's Important?
The new valuation of Checkout.com highlights the company's resilience and growth potential in the fintech sector, despite previous valuation setbacks. This development is significant for the fintech industry, as it demonstrates the potential for recovery and growth even in a challenging economic environment. The valuation increase also reflects the company's strategic focus on profitability and expansion, which could attract further interest from investors and partners. Additionally, the employee stock buyback program may enhance employee retention and morale, contributing to the company's long-term success.
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