The net losses of Checkout.com’s 2022 accounts are up 400% compared to the $25 million loss in 2021. The London-based fintech reported a revenue of $246 million in 2022, a slight drop from $260 million in 2021.

Reduced consumer spending and inflation that stalled revenue growth, led to the drag in sales in 2022. The company also cited geopolitical pressures, return to physical retail post-COVID, and reduced trading as a result of Brexit as contributing to the loss.

In December 2022, Checkout.com cut its internal valuation to $11 billion due to the macroeconomic environment. In 2023, the payments firm debuted identity verification and card issuing services.