U.K.-based Checkout Ltd., the parent company of Checkout.com, reduced its loss from operating activities from $138 million in 2022 to $8 million in 2023.
This improvement was driven by a decrease in expenses, as its total revenue declined year over year, the company said in its annual financial statements for the year ended Dec. 31, 2023, which were filed Dec. 20, 2024.
Checkout Ltd.’s total revenue slipped from $246 million in 2022 to $212 million in 2023, according to the filing.
“This is driven primarily by the termination of a large merchant initiated by the Company,” the filing said.
The company reduced its personnel expenses by cutting the average number of employees from 1,032 in 2022 to 284 in 2023, per the filing.
The large merchant terminated by Checkout Ltd. was likely the crypto exchange Binance, according to multiple media reports.
Checkout Ltd. cut its ties with Binance during the period covered by this filing, Tech Funding News reported Thursday (Jan. 2).
TechCrunch reported in August 2023 that Checkout.com stopped processing payments for the crypto exchange due to reports of regulators’ actions and inquiries from partners about Binance. Binance said at the time that did not agree with Checkout.com’s stated reason for the termination.
In 2024, Checkout.com has announced several new partnerships.
In May, the company teamed with Mastercard to offer virtual cards to online travel agents, saying this partnership will enable travel businesses to pay their suppliers more easily and benefit from higher conversion rates.
Checkout.com added at the time that it combines acquiring and issuing to help online travel agents move from receiving customer payments to paying suppliers.
In March, Checkout.com launched a partnership with checkout technology company Bolt, in which Bolt became the company’s “exclusive one-click checkout provider” and Checkout.com became Bolt’s “preferred payment partner.”
The companies said at the time that the collaboration will help Checkout.com merchants improve conversion performances and enable Bolt to give its new and existing merchants expanded payment options.
Checkout.com made another addition in July 2023, when it said it was using an artificial intelligence-powered video verification tool to onboard customers in under two minutes.