Key Executive Departs London-Based Checkout.com Amid Crypto Client Woes
A high-ranking executive at London-based global payments processor Checkout.com, which once was the hottest startup in Europe, is on their way out.
President and COO Céline Dufétel is departing for personal reasons after three years at the firm, according to a June 12 statement from founder Guillaume Pousaz. She will be replaced by Jenny Hadlow, who led the company’s global revenue operations since 2021.
After working at T Rowe Price as a top financial and operational leader, Dufétel moved to Checkout.com’s New York office in 2021. Her exit coincides with a period of difficulty for the previously successful startup.
Checkout.com’s $40B Ascent Cut Short by Market Downturn
Businesses leverage Checkout.com for movement, management, and optimization of their funds. The company has earlier collaborated with several crypto firms, including Crypto.com, MoonPay, Blockchain.com, Circle, and Strike.
In early 2022, Checkout.com secured funding from US investment group Tiger Global and Singapore’s sovereign wealth fund GIC. This propelled the company to become Europe’s most valuable private technology business with a valuation of $40b, The Financial Times reported.
However, in December that year, Checkout.com was compelled to reduce its valuation by over 70% to $11b. This downward revision coincided with a broader downturn in the financial technology industry, as rising interest rates negatively impacted the venture capital-backed sector.
Despite Binance Split, Checkout.com Downplays Reliance on Crypto
According to the FT, Checkout.com’s London-based entity experienced a significant rise in operating losses, exceeding a threefold increase to $126m in 2022. This deterioration was primarily attributed to a decline in consumer spending and a decrease in crypto trading activity.
Checkout.com attributed the rise in operating losses to challenging macroeconomic conditions impacting their fintech and crypto clients in particular. The company noted a significant decline in trading volumes, especially among emerging digital currency clients.
In 2023, citing regulatory concerns, Checkout.com terminated its contract with cryptocurrency exchange Binance. This decision prompted Binance to consider legal action.
However, the company has earlier said that cryptocurrency does not solely account for its overall performance. According to Checkout.com, crypto companies contributed less than 4% to its total processing volume as of September last year.
