July 2021
AAM Magazine
July 2021
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Singapore’s GIC invests again in UK fintech startup Checkout.com

Fintech abstract diagram with bokeh lights in background

Singapore sovereign wealth fund GIC Pte. Ltd was once again an investor in Checkout.com when the UK-based payments company raised US$150 million to finance product development.

The Series B funding round was led by US hedge fund manager Coatue. Other investors include US private equity manager Insight Partners, Hong Kong investment company DST Global, and London-based venture capital firm Blossom Capital, Checkout.com says in a statement on June 22.

The financial technology startup says the money will be used to develop new innovative products, including its upcoming advanced Payouts solution, and to bolster its balance sheet.

GIC was one of the investors in the firm’s $230 million fundraising in May 2019.

The wealth fund has been an active investor in fintech firms, leading a number of fundraising this year including in Israeli-US startup Pagaya Investments and US startup Apeel Sciences.

GIC does not disclose its assets data. According to the Sovereign Wealth Centre, the fund had $510 billion of assets under management as at March 31, 2019.