LondonBased Checkoutcom Loses Key Executive Due to Issues with Crypto Clients

Executive Leaves Checkout.com in London Amid Crypto Client Issues
A senior executive at Checkout.com, a global payments processor based in London, is stepping down, marking the end of an era for the once-prominent European startup.
President and COO Céline Dufétel is leaving the company for personal reasons after a successful three-year tenure, as stated in a June 12 announcement by founder Guillaume Pousaz. Stepping into her role is Jenny Hadlow, who has been leading the company’s global revenue operations since 2021.
Having previously held key financial and operational positions at T Rowe Price, Dufétel made the move to Checkout.com’s New York office in 2021. Her departure comes at a challenging time for the company, which has faced difficulties despite its previous success.
Checkout.com’s $40 Billion Climb Halted by Market Downturn
Businesses rely on Checkout.com for the movement, management, and optimization of their funds. The company has partnered with various crypto firms in the past, such as Crypto.com, MoonPay, Blockchain.com, Circle, and Strike.
In early 2022, Checkout.com received funding from US investment group Tiger Global and Singapore’s sovereign wealth fund GIC. This propelled the company to the top spot as Europe’s most valuable private technology business, with a valuation of $40 billion, as reported by The Financial Times.
However, by the end of the year, Checkout.com was forced to reduce its valuation by over 70% to $11 billion. This decrease coincided with a broader downturn in the financial technology industry, as rising interest rates had a negative impact on venture capital-backed sectors.
Despite Split with Binance, Checkout.com Downplays Crypto Dependence
According to the FT, Checkout.com’s London branch saw a significant increase in operating losses, exceeding a threefold rise to $126 million in 2022. This decline was largely due to reduced consumer spending and a drop in crypto trading activity.
Checkout.com attributed the rise in operating losses to challenging macroeconomic conditions affecting their fintech and crypto clients specifically. The company noted a significant decrease in trading volumes, especially among emerging digital currency clients.
In 2023, due to regulatory concerns, Checkout.com terminated its agreement with cryptocurrency exchange Binance. This move led Binance to consider legal action.
However, Checkout.com has emphasized that cryptocurrency does not solely dictate its overall performance. According to the company, crypto companies accounted for less than 4% of its total processing volume as of September of the previous year.