London-headquartered payments fintech Checkout.com made a pre-tax loss of $6m in the year ending 2023, a significant reduction on the $138m loss the year previous, new figures shows.

The figures also show that employee numbers at Checkout.com were down from 1,032 in 2022 to 284 in 2023, a 72 per cent reduction.

However, Checkout.com pointed out that most of its employees moved to be registered in sister firm Checkout.com Technology Ltd in the period.

Checkout.com is one of Europe’s most valuable fintechs and was crowned the UK’s most valuable fintech in 2022, on the back of a $1bn fundraise, netting it a $40bn valuation.

However, Checkout.com’s valuation was cut by 75 per cent to $11bn later that year in an internal valuation. It was then cut a further 15 per cent to $9.35bn in 2023. The UK-headquartered fintech, founded by Swiss billionaire Guillaume Pousaz, is a full-stack payment firm, acting as both a payment processor and acquirer.

Checkout.com attributed its reduction in losses to a decrease in expenses and reduced share-based payment charges amongst other reductions. The figures for Checkout LTD show that revenues in the period were down 14 per cent from $246m to $212m.

This was primarily driven by the termination of a large merchant partner, Checkout.com said. During the period, Checkout.com cut ties with Binance, the crypto exchange.

Within Checkout.com’s reduction in headcount, the biggest drops were within Technology and Product, down from 508 to 99 and corporate down from 269 to 50 in the period. Last year, Checkout.com said its focus was on its e-commerce and fintech partners, not crypto partners.