Tech

Payments startup Checkout.com probes crypto executives from Meta (FB)

Checkout.com has hired Meta executive Meron Colbeci as its new chief product officer.

Checkout.com

LONDON – Checkout.com, a $15 billion payments startup based in the UK, hired Meta runs Meron Colbeci as its chief product officer.

Colbeci joined Meta, formerly known as Facebook, in 2018 as the director of product management to help develop the Novi cryptocurrency wallet and other payments initiatives.

Most recently, he was Novi’s head of consumer product management, working closely with the division’s outgoing director, David Marcus. Marcus announced his decision to resign Meta’s blockchain unit last month.

“David is an icon and a visionary financial services man,” Colbeci told CNBC via email. the company’s vision for the future of payments. “

Meta announced Colbeci’s departure internally last week and he started working for Checkout.com this week. He said he learned about Checkout.com when Novi was a customer of the payment processor.

“I am inspired by the focus on building customer-first technologies that democratize access to the digital economy,” Colbeci said, adding that the Checkout.com’s focus on new areas such as digital currencies has also attracted him.

Colbeci will initially join Checkout.com from its office in the San Francisco Bay Area, California, but he plans to move somewhere in Europe within the next year.

Founded in 2012 by fintech entrepreneurs drop out of college Guillaume Pousaz, Checkout.com processes digital payments for companies from Sony to Klarna. It competes with things like PayPal, Unit, Stripes and Adyen.

Checkout.com is one of Europe’s largest private fintech companies, with $15 billion valuation. The London-headquartered company has raised a total of $830 million from investors to date.

The company has had a massive hiring spree this year, going from 1,000 employees in early 2021 to 1,600 globally today. Among those hires are a host of new C-suite executives in technology, finance and marketing.

In addition to its main market in Europe, Checkout.com also does business in the Middle East and Asia, and has been expanding into the United States.

This year has been a record year for startups in Europe, on track to raise more than $120 billion in venture capital, according to a report from London-based tech investors Atomico.

Departure for fortune

Colbeci’s departure from Meta is the latest in a string of high-profile corporate departures.

Marcus, who also co-founded digital currency project Meta Diem, is leaving at the end of 2021. Morgan Beller, another co-founder, left last year.

Meta has struggled to make its crypto initiative a success amid intense scrutiny by regulators, who fear it could disrupt the financial system and lead to criminal activity. crime like money laundering.

Diem, a proposed stablecoin backed by a consortium of companies including Meta, has original visualization as a single token backed by a sovereign currency basket.

Originally known as Li, digital currency ever since watered down significantly, with the monitoring team currently only planning to release a version pegged to the value of U.S. dollar.

Checkout.com join the Meta-backed Diem Association last year, after a series of withdrawals from major members like PayPal, Passport and Master Card.

Novi, Meta’s Crypto Wallet, Recently released as a pilot with a small number of users in the United States and Guatemala. It is using a lesser known stablecoin called paxos instead of diem.

Unlike most cryptocurrencies, stablecoins are intentionally designed to prevent volatility, with most tracking the prices of government-backed currencies like the dollar.

https://www.cnbc.com/2021/12/17/payments-start-up-checkoutcom-poaches-crypto-exec-from-meta-fb.html Payments startup Checkout.com probes crypto executives from Meta (FB)

Sarah Ridley

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