The London-based payments giant rebounds from its $9.35B low, but its latest valuation comes via an employee buyback—not fresh investor capital.
A Decacorn Again—But Not Quite $40B
Fintech leader Checkout.com announced on Friday that it has reached a $12 billion valuation as part of a new employee stock buyback program.
- On the surface, hitting decacorn status is a milestone few startups achieve.
- It cements CEO Guillaume Pousaz’s place on Forbes’ billionaire list.
- Yet, the number is a reminder of volatility: in 2022, Checkout.com was valued at a lofty $40 billion, only to slash that figure internally to $11B later that year, and then $9.35B in 2023.
So, while $12B reflects a 30% rebound from last year’s low, it still marks a sharp decline from pandemic-era highs.
How the Valuation Was Determined
Unlike a venture round or outside investor-led tender offer, Checkout.com’s latest valuation isn’t tied to new capital coming in.
- The $12B figure comes from a 409A valuation, conducted by an independent third party.
- The company itself is buying back employee shares, with no external investors involved.
- That makes this more of an internal liquidity event than a vote of confidence from professional investors.
Still, for employees holding equity, the buyback represents a meaningful chance to cash in on their shares after years of turbulence.
The Stripe Comparison
Checkout.com’s archrival Stripe has gone through similar valuation swings:
- Peaked at $95B in 2021.
- Dropped to $50B in 2023.
- Has since rebounded to $91.5B, with rumors of another tender offer at $106.7B.
The difference? Stripe’s valuations were tied to outside investors participating in its tender offers, while Checkout.com’s rebound is internally driven.
Business Momentum Remains Strong
Despite the valuation ups and downs, Checkout.com has made notable operational strides:
- Processes $1B in e-commerce payments daily.
- Serves major clients including eBay and Pinterest.
- Added 300 new employees in 2025, bringing total headcount to 2,000 across 19 offices.
- Achieved profitability by the end of 2024, with a full year of profit forecast for 2025.
These fundamentals suggest that while the valuation story is mixed, the company’s business health is improving.
What Employees Get
The buyback program will allow Checkout.com employees with at least one year of tenure to sell shares back to the company.
- The company has not disclosed the size of the buyback—either in total dollar amount or shares eligible.
- Still, it provides a much-needed liquidity option for employees in a cooling private markets environment.
