Business-to-business payments companies continue to score venture capital despite the market uncertainty caused by the COVID-19 pandemic. Checkout.com today announced a $150 million Series B that tripled the company’s value to $5.5 billion. 

“The way money moves into and out of businesses is changing rapidly,” said Guillaume Pousaz, CEO and founder of Checkout.com, in a statement. “We’ve built a technical architecture that enables pioneers to reinvent industries and redefine their relationship with consumers. Now more than ever, we are confident of our mission to build the connected payments that businesses deserve.” 

As consumers avoid physical retail stores, e-commerce payment companies are seeing growth and getting bets from investors. Digital payments fintech Stripe, for example, raised $600 million in April and hit a $36 billion valuation. B2B payments companies Plastiq and Fast raised $75 million and $20 million, respectively, in March.  

Coatue led the Series B, with participation from Insight Partners, DST Global, Blossom Capital and Singapore’s Sovereign Wealth Fund, GIC. According to the company, Checkout.com has been profitable since 2012, and will use the capital to add to its balance sheet, putting its available cash at over $300 million. The company also said it will invest in “its upcoming advanced Payouts solution and the capability to accelerate settlement times.” Checkout.com raised a $230 million Series A in May 2019.  

Checkout.com works with merchants to accept payments in more than 150 currencies. According to the London-based company, its API allows merchants to accept all major international credit and debit cards and support popular payment methods in local markets. The company, which was founded in 2012, said it has seen a 250% increase in online transaction volume from May 2019 to May 2020. Checkout.com’s partners include Samsung, Adidas and TransferWise, and the company has added more than 500 merchants in the past year, including big names like Grab, Revolut, Klarna, Robinhood and Remitly.  

See also: Investors: Coronavirus could shrink startup valuations 

Despite the high-profile client list, B2B payments is an increasingly competitive field. In addition to the payments giant Stripe, Amsterdam-based Adyen offers back-end payment services, and recently launched a card-issuing product for marketplace merchants.  

It remains to be seen if investors will continue to invest in payments companies, given the market uncertainty around fintech fundraising this year. A CB Insights report from May noted, “As COVID-19 has destabilized private capital markets, Q1’20 was one of the worst quarters in two years for VC-backed fintech.” 

Bank Innovation Build, which will take place Sep. 9-10 as a virtual experience, is a must-attend industry event for professionals overseeing financial technologies, product experiences and services. Register here.