Checkout Ltd. reduced its operating loss from $138m in 2022 to $8m in 2023. Credit: T. Schneider/ Shutterstock.

Fintech company Checkout.com has reduced its employee headcount as part of a reorganisation within its UK operations, reported UKTN. 

During 2023, Checkout.com undertook an asset and business transfer agreement, restructuring its UK entities. This led to an increase in employees at Checkout Technology and a corresponding decrease at Checkout Ltd.  

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However, the overall headcount across both entities fell by 233, marking an 18% reduction to 1,083 employees, stated the publication. 

The company, which reached a valuation of $40bn in 2022, has experienced a downturn in UK processing transactions, leading to a 13% decrease in revenue to $204m in 2023.  

The revenue decline was“primarily driven by the termination of a large merchant initiated by the company.” 

Although the company did not specify the merchant’s name but it is believed to be the crypto exchange Binance.  

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The split occurred in the summer of 2023, with Binance subsequently threatening legal action. 

Checkout Ltd., the parent company of Checkout.com reduced its operating loss from $138m in 2022 to $8m in 2023. 

The company’s total revenue dropped from $246m in 2022 to $212m in 2023. 

Checkout.com has continued to forge new partnerships in 2024. In May, the company announced a collaboration with Mastercard to provide virtual cards to online travel agents.  

Earlier in March, Checkout.com also entered a partnership with checkout technology firm Bolt. This agreement made Bolt the exclusive one-click checkout provider for Checkout.com, which in turn became Bolt’s preferred payment partner.