Guillaume Pousaz, CEO and founder of payment platform Checkout.com, speaking at the annual Web Summit technology conference in Lisbon, Portugal, in 2022.
LONDON — Fintech unicorn Checkout.com is giving staff a way of cashing in their shares: buying them out.
The London-headquartered payments platform said Friday that it plans to launch a share buyback initiative for employees to "provide them with a path to liquidity."
The share buyback program is based on a new internal valuation of $12 billion, Checkout.com said. Although internal, the valuation marks a significant drop from its last fundraising round.
Checkout.com was valued at $40 billion in a $1 billion funding round in 2022. However, it was said to have lowered its internal valuation to $11 billion later that year, according to reports. Checkout.com says it regularly monitors the value for its employees in its share incentive program.
The fintech competes with payment service providers such as Stripe, Adyen and PayPal . The company processes billions of dollars in transactions every year for the likes of Coinbase , Pizza Hut and H&M.