Financial technology company Checkout.com announced having reached a $40 billion market valuation following an injection of $1 billion capital investment in the company. This new valuation indicates the company’s value has more than doubled in a period of one year.
The company says it will be using proceeds from the fresh capital injection to launch new products and increased its involvement in the most sought Web 3 space.
“The latest funding will be used to invest in the United States market to meet high demand and launch a new platform to ease payments within online marketplaces,” said the company.
Currently, the company is testing a new service of settling transactions for merchants using crypto. Checkout.com said it will also tap into the latest decentralized technology in the blockchain industry.
The fintech sector has been experiencing a boom since the pandemic set foot because many resulted to settling transactions online following movement restrictions. This has prompted investors to direct their investments in the financial technology sector.
