Checkout.com acquires payment optimization startup ProcessOut

Checkout.com, the quiet London-based payment platform, has acquired its first startup, ProcessOut. Checkout.com surprised everyone last year when it announced a gigantic $230 million Series A round. It turns out the payment processing boom is not over yet.

Checkout.com focuses on enterprise clients with customers all around the world. It provides a full-stack payment service, from accepting transactions, processing them and detecting fraud. It helps with reconciliation thanks to an API and a reporting hub.

The startup is particularly efficient when it comes to supporting multiple currencies and payment methods. You can accept payments in more than 150 currencies. Checkout.com supports debit and credit cards, Apple Pay and Google Pay, as well as local payment methods such as Klarna, iDEAL and Giropay, and e-wallets such as PayPal and Alipay.

A quiet London-based payments startup just raised among the biggest Series A rounds ever in Europe

ProcessOut is a French startup that realized e-commerce companies have been leaving money on the table by relying on a single payment provider. The company built a smart routing checkout module that works with dozens of payment providers.

When you enter your card number, ProcessOut can select the best payment provider when it comes to fees and acceptance rate. For instance, a local payment provider can be a lot cheaper than Stripe, but transactions get declined a lot more often. The startup can figure out whether a transaction will go through before selecting an obscure payment provider.

The company then shows you dashboards so you can visualize payment data in a single location. You can generate report and match transactions on your bank account with transactions on different payment providers.

That combination of data visualization and smart routing helped them score some big clients, such as Glovo, Veepee, Rakuten.fr and Dashlane. In 2019, ProcessOut tracked 10% of online transactions in France. Transactions representing $20 billion have been analyzed by ProcessOut over the past 12 months.

With today’s acquisition, ProcessOut’s team of 14 employees are joining Checkout.com’s team of 600 employees. Checkout.com isn’t disclosing the terms of the transaction. Checkout.com is getting a ton of insight on different payment providers. It can learn from ProcessOut’s technology to optimize its internal payment workflows, as well.

from TechCrunch https://ift.tt/2VyelZ9

Crypto exchange Binance prepares to add margin trading ‘soon’

Binance, the world’s most prominent crypto exchange, says it is close to adding a much-anticipated margin trading feature to its service following weeks of speculation. The company tweeted confirmation of the upcoming feature in a screenshot which subtly teases the imminent arrival of margin trading options. Binance CEO Changpeng Zhao (pictured above) first revealed that the feature was headed to Binance during a live stream following a hack earlier this month that saw Binance lose around $40 million in Bitcoin . TechCrunch understands that margin trading has been beta tested among selected users. A Binance representative declined to comment on the specifics, but did confirm that margin trading will be available on Binance.com “soon.” Dark mode or Light mode ? #Binance pic.twitter.com/pGSb1np4yp — Binance (@binance) May 24, 2019 Margin trading, which lets traders use their balance as collateral to super-size their buying power, is seen by many as an important growth vec

World Economic Forum launches Global AI Council to address governance gaps

The World Economic Forum is creating a series of councils that create policy recommendations for use of things like AI, blockchain, and precision medicine. Read More from VentureBeat http://bit.ly/2EKBjD4

The hidden cost of food delivery

Noah Lichtenstein Contributor Share on Twitter Noah Lichtenstein is the founder and managing partner of Crossover , a diversified private technology fund backed by institutional investors, technology execs and professional athletes and entertainers. More posts by this contributor What Studying Students Teaches Us About Great Apps I’ll admit it: When it comes to food, I’m lazy. There are dozens of great dining options within a few blocks of my home, yet I still end up ordering food through delivery apps four or five times per week. With the growing coronavirus pandemic closing restaurants and consumers self-isolating, it is likely we will see a spike in food delivery much like the 20% jump China reported during the peak of its crisis. With the food delivery sector rocketing toward a projected $365 billion by the end of the decade, I’m clearly not the only one turning to delivery apps even before the pandemic hit. Thanks to technology (and VC funding) we can get a ri

All Things Tech

Search This Blog