Checkout.com Parent Company Reduces 2023 Loss

UK-based Checkout Ltd, the parent company of Checkout.comreduced its loss from operating activities from $138 million in 2022 to $8 million in 2023.

This growth is driven by a reduction in expenses, as its total revenue has decreased every year, the company said in its annual financial statements for the year ending December 31, 2023, filed on December 20, 2024.

The total revenue of Checkout Ltd. dropped from $246 million in 2022 to $212 million in 2023, according to the filing.

“This is primarily the termination of a large merchant sponsored by the Company,” the filing said.

The company is reducing its personnel costs by cutting the average number of employees from 1,032 in 2022 to 284 in 2023, per the filing.

The big business ended with Checkout Ltd. probably the crypto exchange Binanceaccording to several media reports.

Cut to Checkout Ltd. his relationship with Binance during the period covered by this filing, Tech Funding News reported Thursday (Jan. 2).

TechCrunch reported in August 2023 Checkout.com stopped processing payments for crypto exchanges due to reports of actions by regulators and questions from partners about Binance. Binance said at the time that it did not agree with Checkout.com’s stated reason for termination.

In 2024, Checkout.com announced several new partnerships.

In May, the company partnered with MasterCard to offer virtual cards to online travel agents, saying that this partnership will enable travel businesses to pay their suppliers more easily and benefit from higher conversion rates.

Checkout.com was added at a time when it was integrating acquisitions and issuance to help online travel agents move from accepting customer payments to paying suppliers.

In March, Checkout.com launched a partnership with the checkout technology company Boltwhere Bolt became “exclusive” to the company one click checkout provider” and Checkout.com has become Bolt’s “preferred payment partner”.

The companies said at the time that the collaboration will help Checkout.com merchants improve conversion performance and enable Bolt to provide new and existing merchants with expanded payment options.

Checkout.com made another addition in July 2023, when it said it uses a video verification tool powered by artificial intelligence to onboard customers in under two minutes.