Online payments firm Checkout.com has announced changes to its leadership team as it prepares its strategy to bolster US expansion and take on Stripe.
A spokesperson for the company confirmed that former CFO and COO, Céline Dufétel, has been appointed president and COO of Checkout.com, and will oversee all operational and go-to-market teams, including finance and marketing.
Previously SVP in corporate finance and strategy, Nirupam Sinha has also taken on an expanded role as CFO.
In January 2022, Checkout.com announced that it planned to double down on its US expansion with a $1 billion Series D fundraise, tripling its valuation to $40 billion. CFO at the time, Dufétel stated: "We have long-faced substantial demand to serve the US market, and with our Series D we're doubling down on our commitment to scaling our platform, partnerships and products for customers here […] We're looking to help our US customers grow domestically and internationally, and to help our non-US customers expand into the market here. We're excited about the potential, and expect our North American employee base to grow by 200% this year alone."
Less than a year after the fundraise, the firm slashed its internal valuation to $11 billion, with CEO Guillaume Pousaz commenting: “Valuation is something for investors who care about entry point and exit point. The multiples last year are not the same multiples than this year […] We can look at the public markets, the valuations are mostly half what they were last year.”
“But I would almost tell you that I don’t care at all because I care about where my revenue is going and that’s what matters,” he added.
These leadership changes are the latest development in Checkout’s US expansion plans, which hope to capitalise on the US’ rapidly evolving digital finance landscape.
Stripe is currently a market leader for merchants looking for alternate payment options, and has recently made public its timetable to decide whether it will go public via an IPO, or let employees sell their stock. The company is also in talks for a $3 billion funding deal with existing investors to tackle the employee stock challenge. The deal would value the payments giant at between $55 and $60 billion, and would mark Stripe's third valuation cut since summer 2022.
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