Observed Signal · Jan 2, 2025 · Earnings Report · Source: Tech.eu · Impact: 2/5 · Sentiment: Neutral
Checkout.com narrows losses, cuts headcount by 72%
London-based payments fintech Checkout.com reported a pre-tax loss of $6 million for the fiscal year ending 2023, a sharp reduction from the $138 million loss in 2022. The company's headcount fell 72% from 1,032 to 284 employees, though Checkout.com noted that most staff moved to its sister firm, Checkout.com Technology Ltd. Revenues declined 14% to $212 million, partly due to the termination of a large merchant partner, Binance. Checkout.com's valuation, which had been cut to $9.35 billion in 2023, remains below its peak of $40 billion. The company attributed the improved loss figure to reduced expenses and lower share-based payment charges.
Financial results of a major European fintech, but not directly impacting advertising technology; relevant to e-commerce infrastructure.
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Key Takeaways & Evidence Grounding
- Checkout.com made a pre-tax loss of $6 million in 2023, down from $138 million in 2022.
- Headcount dropped 72% from 1,032 to 284 employees in 2023, with many transfers to sister firm Checkout.com Technology Ltd.
- Revenue fell 14% to $212 million from $246 million in 2022.
- Checkout.com cut ties with crypto exchange Binance during the period, affecting revenue.
- Checkout.com's valuation was cut to $9.35 billion in 2023, down from a peak of $40 billion.
Connected Companies & Entities
2 Entities mapped“London-headquartered payments fintech Checkout.com made a pre-tax loss of $6m in the year ending 2023....”
“During the period, Checkout.com cut ties with Binance, the crypto exchange....”
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