Checkout.com announced on Friday an employee share buyback plan that values the company at $12 billion.

Notably, this represents a 70% decrease from the $40 billion valuation the London-based global payments processor achieved when it raised a $1 billion Series D round in January 2022. But it is higher than the $11 billion internal valuation set by the company in December of 2022. It’s also about 30% higher than the $9.35 billion internal valuation it had set in June of 2023.

Like the two internal valuations that preceded it, the new figure is a 409A valuation, which is set by independent third parties. Founded in 2012, it’s not a surprise that the privately held company would want to provide some of its employees with liquidity.

Despite the massive drop in valuation from the 2022 high, CEO Guillaume Pousaz remains naturally bullish on the fintech’s future, noting in a written statement that the company is on track to boost its headcount by 15% by adding 300 more employees by year’s end. Presently, Checkout.com has 2,000 employees working across 19 offices globally. In February, it opened an office in San Francisco.

Earlier this year, Checkout.com reported that it had ended 2024 “profitably,” after achieving 45% net revenue growth for its core business. The company said it is committed to achieving “full-year profitability” in 2025 and that it’s on track to exceed its target of 30% net revenue growth in its core business. That core business, according to a company spokesperson, is where it serves the commerce and fintech sectors, which make up 95% of its volumes. Checkout.com also said it is set to process more than $300 billion in total e-commerce payment volume in 2025.

Its customers include Sony, Alibaba, eBay, Pinterest, Wise, Vinted, ASOS and GetYourGuide.

Checkout.com, which competes with the likes of Stripe, is building a full-stack payments company.  

In July, it announced a new card issuing partnership with Visa. The fintech had formally launched virtual and physical card issuing in March of 2023.

 "We are relentlessly focused on growth and innovation, particularly with the impact of AI and the expected rise of agentic commerce,” Pousaz said in a written statement, adding that Checkout.com now regularly processes more than $1 billion of e-commerce payment volume per day.

The company says it is investing in machine learning and AI, including the emerging space of agentic commerce. For example, its Intelligent Acceptance product leverages AI “to optimise transactions and prepare businesses for the next generation of commerce.”

To date, Checkout.com has raised $1.8 billion in venture funding. Its investors include Tiger Global Management, Franklin Templeton, Insight Partners, Endeavor Catalyst, Coatue, and Ribbit Capital, among others. The company confirmed to This Week in Fintech that it has “no plans to go public.”