According to the Wall Street Journal, the London-based FCA-regulated EMI and payment processor Checkout Ltd d/b/a Checkout.com raised $1 billion in a recent share sale that valued it at $40 billion. New investors including Franklin Templeton and the Qatar Investment Authority participated alongside existing ones, such as Insight Partners and Tiger Global Management. Checkout is one of the big crypto-to-FIAT payment processors. It didn’t raise money from outside investors until 2019 but is one of the most valuable start-ups in the world.

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Since its first fundraising round in 2019, the valuation of Checkout has increased 20 times. The company’s payment volume tripled in both 2020 and 2021, said CEO Guillaume Pousaz. The payment processor has big clients such as Netflix Inc.

Checkout said that it will use much of the new capital to finance the expansion into the U.S. Céline Dufétel, the company’s CFO said that Crypto and financial-technology transactions account for more than half of Checkout’s payments volume. Exchanges such as Coinbase and wallets like Novi from Meta Platforms use Checkout.com to move customers’ money into and out of digital currencies.

The company plans to pursue an initial public offering sometime in the future.