Checkout.com has significantly cut down on operating losses, according to the firm’s latest filing with the UK government, though it has reportedly made significant staff reductions as well.
The UK-based fintech, which operates a B2B payments platform as a flagship product, reported its 2023 full year earnings to Companies House – the UK government body which maintains the country’s registry of companies – in December 2024.
Figures show that Checkout.com made revenue of US$212.2m in 2023, a decline of 14% on corresponding 2022 revenue of $246.3m. As a result, gross profit also dropped by 23% from $73.8m to $57m, but this has been offset by a huge reduction in Checkout.com’s losses.
The London-headquartered firm saw its loss for 2023 stand at $7.9m, a major drop of 94% from $137.7m in 2022. This seems to have been achieved by a number of cost reductions across the year with operating expenses and share-based payments expenses both down.
However, the revenue losses remain an area of concern for the company, which has apparently had to significantly cut down its headcount. According to UK news outlet UKTN, the firm has cut 230 jobs.
The outlet reports that the revenue decline can be largely attributed to the end of Checkout.com’s partnership with Binace, one of the world’s largest crypto exchanges, in the summer of 2023. Despite the surge in value enjoyed by the global cryptocurrency market over recent months, Checkout.com does not seem particularly interested in the sector.
Regardless of any financial troubles it may have encountered over the past two years, Checkout.com remains a key player in the UK payments ecosystem and has been embarking on expansion plans during this time.
In 2023 it launched card issuing capabilities into its offering, for example. Meanwhile, last year it introduced Visa and Mastercard direct acquiring in Japan and plans to do so again in Brazil and Canada.
More recently, the firm welcomed a new senior executive last month, with Philip Symes joining as its interim Chief Financial Officer (CFO). The firm hopes that the former PwC and Visa Europe employee will contribute to the evolution of the Checkout.com Business Account and support the company’s general global expansion.
“This is a very exciting time to be joining Checkout, a leading European fintech that’s gained strong momentum – and has such a solid strategy for 2025 and beyond,” Symes remarked.
“It’s a unique opportunity to shape the financial strategy of a high-growth business ready for the next stage of its journey. I’m excited to get stuck in.”
