Checkout.com acquires software company Icefire
Checkout.com, which works in cloud-based payment solutions, has acquired Icefire, an Estonian software development company, to capitalize on the continued popularity of e-commerce, according to a press release. This is Checkout.com’s biggest acquisition to date.
In the statement, Checkout.com chief technology officer Ott Kaukver praised Icefire’s track record in building “complex and modular” financial systems.
“Their proven track record is complementary to what we are building at Checkout.com, to enable businesses to make better payments,” he said in the statement.
By acquiring Icefire, Checkout.com seeks to accelerate the development of key products and features using Icefire’s expertise, the statement said. The acquisition will also make it easier for traders to expand into global markets.
Checkout.com’s services help global businesses achieve higher-performing payments to generate more revenue and improve customer experience. The statement said Checkout.com has seen demand for its services increase since the start of the pandemic, as more businesses turn to digital commerce. The volume of transactions has tripled in the past year.
Meanwhile, Icefire, who is based in Tallinn, has experience in developing financial services and has worked with companies like Skype, Swedbank and the Tax and Customs Board of the Republic of Estonia, while supporting the development of Estonia’s HOIA COVID-19 application.
In January, Checkout.com closed a Series C round for $ 450 million, PYMNTS reported. That pushed the company’s valuation up to $ 15 billion, after a separate round of $ 150 million from last year.
January’s funding helped make Checkout.com the fourth largest FinTech in the world and the most valuable company backed by venture capital in the Europe, Middle East & Africa (EMEA) region.
Checkout.com was established in 2012 and has offices in New York and San Francisco. The company plans to open an office in Denver and employ a total of 700 people across all of its locations.