UK-based payments processor Checkout.com has reduced nearly a quarter of its workforce in response to declining revenue.
In its 2023 financial accounts, the company reported a 13% decrease in processing transactions, amounting to $204 million, while gross profits fell by 23% to $57 million. Checkout.com attributed these losses, in part, to the termination of a major merchant relationship initiated by the company.
This decision follows the firm’s split with Binance, the world’s largest cryptocurrency exchange, in 2023 due to concerns regarding money laundering, which resulted in legal action from Binance. Checkout.com has since clarified that cryptocurrency transactions are not a primary focus, constituting only 4% of its overall volume.
Chief Product Officer Meron Colbeci emphasized the importance of maintaining focus: “If we get distracted, if we try too many things, I think it takes away from the core business.”
According to UKTN, Checkout.com’s workforce decreased by 230 employees, bringing the total to 1,083 by the end of 2023. Furthermore, the company’s valuation has dramatically declined, plummeting from a peak of $40 billion in 2022 to just $9.35 billion a year later.