Checkout.com, one of the most valuable fintechs in Europe, haw seen its losses widen by over 400 per cent to more than £100m, it has been revealed.
The London-based company has posted pre-tax losses of $126.3m (£100.5m) for 2022, according to overdue accounts filed with Companies House.
That total compares to the $25m loss the business reported for 2021.
The delayed results also show that Checkout.com’s revenue fell from $259.6m to $246.2m over the same period.
However, the company increased its headcount from 732 to 1,032 employees during the year.
Checkout.com was founded as Opus Payments in 2009 and was valued at $40m in January 2022. However, the business cut its internal valuation to $11bn by the end of that year.
A statement signed off by the board said: “Net revenue remained at lower levels following the movement of merchants previously serviced by another group company as a result of Brexit.
“The company has also observed a shift in the macro environment and geopolitical backdrop in 2022, with rising inflation and reduced consumer spending/ confidence having an impact on the growth of revenue. This is in line with trends seen across the industry.
“Furthermore, as Covid lockdown restrictions have been lifted, the return of customers to physical retail has also had an impact on the company’s online commerce clients.
“Clients in the fintech sector have also been impacted by the macroeconomic conditions, with lower trading volumes observed particularly among emerging digital currency clients.”
Checkout.com added that its losses were driven by an increase in personnel expenses.