Global payments processor 2Checkout has closed on the final tranche of a $60 million investment that it will use to fuel its move into international markets.
The investment was led by Chicago Growth Partners, and Trident Capital, which specializes in growth equity investments of up to $30 million. Several management and strategic individuals also were part of the deal.
This strategic investment will help "scale quickly and dominate more international markets, says Shawn Budde, CEO of 2Checkout, in an April 24 press release. Budde was recently named CEO, replacing Tom Dailey, who remains on the company's board.
2Checkout currently serves more than 50,000 merchants in 196 countries. It offers eight payment methods including credit cards, debit cards, PayPal, through one device that includes a PCI Level 1 compliant feature and fraud review.
The global e-commerce market is massive and continues to increase at a double digit rate of annual growth" while online payments providers in the space are consolidating into a few global platforms, says Devin Mathews, managing partner at Chicago Growth Partners, in the release. Now is the perfect time to help scale 2Checkout to the next level.