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Payments Firm Checkout.com Valued at $15 Billion After Funding

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A bundle of fiber optic cables runs under the desks inside the control room of the Sberbank PJSC data processing center (DPC) at the Skolkovo Innovation Center in Moscow, Russia, on Monday, Dec. 16, 2019. As Sberbank expands its technology offerings, the Kremlin is backing legislation aimed at keeping the country's largest internet companies under local control by limiting foreign ownership. Photographer: Andrey Rudakov/Bloomberg
A bundle of fiber optic cables runs under the desks inside the control room of the Sberbank PJSC data processing center (DPC) at the Skolkovo Innovation Center in Moscow, Russia, on Monday, Dec. 16, 2019. As Sberbank expands its technology offerings, the Kremlin is backing legislation aimed at keeping the country's largest internet companies under local control by limiting foreign ownership. Photographer: Andrey Rudakov/Bloomberg

(Bloomberg) -- Payments business Checkout.com is valued at $15 billion after a $450 million investment led by Tiger Global Management, according to Chief Executive Officer Guillaume Pousaz.

The London-based company’s valuation is almost triple the $5.5 billion it was valued at in a round last year. Greenoaks Capital, along with existing investors Insight Partners, Coatue Management and DST Global, also participated in the latest round.

Checkout.com saw its growth climb with the acceleration of the broader e-commerce industry last year. The company processes payments for businesses such as Pizza Hut Inc., Coinbase Inc. and Klarna AB.

The company competes with Adyen NV, which went public in 2018. Pousaz said in an interview that the businesses differ because Checkout.com is online only, while Adyen also handles in-store payments.

Checkout.com has no intention of going public this year, Pousaz said. While a 2022 initial public offering is a possibility, “there’s no pressure to go public” from investors and the company has no firm plans to do so, he said.

About half of Checkout.com’s business comes from Europe, particularly the U.K. and France. The company also does business in the Middle East and Asia and is looking to expand in the U.S.

The company made several acquisition-related hires last year and expects to buy more technology teams this year. Checkout.com is also opening offices in New York and Denver.