Checkout.com cuts staff after sales losses

Editorial

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According to its accounts for 2023, the firm saw its processing transactions drop by 13% to $204m while gross profits fell by 23% to $57m.

Checkout.com stated that the losses were “primarily driven by the termination of a large merchant initiated by the company”.

The firm parted company with the world’s largest crypto exchange Binance in 2023 over concerns about money laundering, a move that led Binance to take legal action.

Checkout.com has since stated that crypto transactions are not a focus for the company and represent just 4% of its overall volume.

“If we get distracted, if we try too many things, I think it takes away from the core business,” said chief product officer Meron Colbeci.

According to news site UKTN, Checkout.com’s headcount reduced by 230 to 1,083 by the end of 2023.

The company also saw its valuation fall sharply from a $40bn high in 2022 to just $9.35bn a year later.