According to BlockBeats, on January 3, according to Forbes, payment startup Checkout was once the most valuable startup in Europe, with a valuation of $40 billion through cooperation with Binance and other crypto exchanges. But after the London fintech company terminated its contract with Binance due to money laundering issues, its revenue declined. According to the new company documents of Checkout UK branch, revenue fell by 16% to $212 million.
In a filing with the U.K. Companies House, Checkout said the revenue decline was “primarily due to the termination of a large merchant-initiated contract.” The entity was not identified in the filing, but (Forbes) first reported in 2023 that Checkout had warned Binance that it would stop processing credit card payments for the crypto exchange due to regulatory scrutiny.
Checkout Chief Marketing Officer Rory O'Neill stated that the company does not comment on its business relationships with any merchants, and that e-commerce and fintech clients, rather than the cryptocurrency industry, are now its main focus.