Checkout.com has moved to clarify its financial position following widespread reports of profit losses and big staff cuts.
The payments processor was responding to over-heated reporting following the publication of its 2023 UK accounts with Companies House, where it reported that processing transactions dropped by 13% to $204m while gross profits fell by 23% to $57m and losses ballooned by 73% to $306m.
In response, Checkout.com states: "These filings represent only a fraction of our global business and should not be considered a reflection of our overall performance. Our global results continue to show strong growth and success with over 40% net revenue growth in 2024.
"Our employee headcount did not drop by 72%. The reduction reported reflects an internal transfer between two UK entities (Checkout Ltd and Checkout Technology Ltd). Globally our headcount grew from 1,700 in 2023 to over 1,900 at the end of 2024, with plans for continued growth in 2025."