A top-tier executive at Checkout.com, a leading global payments processor based in London, is stepping down. Céline Dufétel, who served as President and COO for three years, is departing for personal reasons, as announced by founder Guillaume Pousaz on June 12. Dufétel will be succeeded by Jenny Hadlow, who has been overseeing the company’s global revenue operations since 2021.
Dufétel’s career spans notable positions, including her tenure as a key financial and operational leader at T Rowe Price before joining Checkout.com’s New York office in 2021. Her departure comes at a challenging juncture for the once-thriving startup.
Checkout.com’s $40B Ascent Cut Short by Market Downturn
Businesses rely on Checkout.com for the movement, management, and optimization of their funds. The company has previously partnered with various crypto firms, including Crypto.com, MoonPay, Blockchain.com, Circle, and Strike.
In early 2022, Checkout.com secured funding from US investment group Tiger Global and Singapore’s sovereign wealth fund GIC. This investment elevated the company to the position of Europe’s most valuable private technology business, boasting a valuation of $40 billion, as reported by The Financial Times.
However, by December of the same year, Checkout.com was compelled to revise its valuation significantly, reducing it by over 70% to $11 billion. This adjustment coincided with a broader downturn in the financial technology industry, driven by rising interest rates that negatively impacted the venture capital-backed sector.
Despite Binance Split, Checkout.com Downplays Reliance on Crypto
As reported by the FT, Checkout.com’s London-based entity experienced a substantial increase in operating losses, surpassing a threefold rise to $126 million in 2022. This downturn was primarily attributed to a decrease in consumer spending and a decline in crypto trading activity.
Checkout.com linked the surge in operating losses to challenging macroeconomic conditions affecting their fintech and crypto clients specifically. The company highlighted a notable decrease in trading volumes, particularly among emerging digital currency clients.
In 2023, citing regulatory concerns, Checkout.com terminated its contract with cryptocurrency exchange Binance. This move prompted Binance to contemplate legal action.
Nevertheless, the company has previously emphasized that cryptocurrency does not solely dictate its overall performance. According to Checkout.com, crypto companies accounted for less than 4% of its total processing volume as of September of the previous year.
