London tech start up loses 21b in valuation

Checkout.com, a London tech start up, cut the company’s international valuation from 40b to 11b.

The company drastically dropped prices for staff stock prices given the funding shortage impacting the tech sector.

Checkout.com is a digital payment platform for businesses that was valued at 40b after a seed round in January. According to company filings, the firm generated a revenue of £204m in 2020.

Discussing the lowered valuation, Checkout CEO Guillaume Pousaz said that negotiations between the startups executives and VCs who want to invest in the company would likely lead to a different valuation. This would need a new funding round which Pousaz doesn’t see happening anytime soon.

Showing confidence in his business, Pousaz said “To be honest, we don’t have to raise again. Never say never, but unlike many fintech companies, we have a proven business model.”