Payments platform Checkout.com has reportedly incurred a £100.5 million loss in its UK operations.
The company’s net losses for 2022 reflect a 400% increase compared to the $25 million loss recorded in 2021. Based in London, Checkout.com reported a revenue of $246 million in 2022, which represents a slight decline from $260 million in the previous year.
Factors such as decreased consumer spending, inflation impacting revenue growth, geopolitical pressures, a return to physical retail after COVID, and reduced trading due to Brexit have all contributed to the decline in sales.
In December 2022, Checkout.com reduced its internal valuation to $11 billion in response to the prevailing macroeconomic conditions. In 2023, the payments firm introduced new services in identity verification and card issuing.