Thank you to our merchants: The road to $300B – and why it’s just the beginning

Reaching milestones always matters. They help us reflect on the goals we’ve set and what it takes to meet them. But most importantly, they help us to sharpen focus on what’s still to be done. Thanks to the merchants we work with around the world, we are on track to exceed our performance goals, and process more than $300 billion in ecommerce payment volume during 2025. This is an important milestone, and it’s not one we could have reached alone. To all our merchants, those who have challenged us, those who have driven us to deliver better and faster, thank you. Your success is our driving force: our role is to ensure you thrive in the digital economy.  

I’ve been at Checkout for more than 10 years.  I’ve seen many great milestones during my time here, and a few things remain consistent. We build for sustained performance – and we do it with ambition, precision, and a relentless focus on merchant outcomes. There’s no finish line to our work, we will continue to chase every basis point and keep our merchants ahead, with higher acceptance rates, better data, lower costs, and enhanced payment experiences.

Because in a digital economy where 42% of consumers will abandon a brand after one false decline, payment performance is not a nice-to-have – it’s a competitive necessity. As agents begin to make purchases on consumers’ behalf the pressure on payments performance is palpable – particularly as we approach peak holiday shopping season.  

Helping merchants prepare for agentic commerce

The rise of agentic commerce means authorization flows are set to change, fast. 

In the past six months, we’ve partnered with Visa Intelligent Commerce, Mastercard Agent Pay, and Google’s Agent Payment Protocol (AP2). These programs help agents transact safely and responsibly, while prioritizing the customer experience.  As the agentic payment channel emerges, two things appear paramount.  

First, all parties will need to work together to build trust in the system. The fundamental principle in global commerce is trust. As we evolved from in-person payments to digital payments, issuers, acquirers, card networks, merchants, and regulators worked together to earn consumer trust. That trust must be recreated for agentic commerce.  

Secondly, there will not be one ubiquitous approach to agentic commerce. Merchants have different business models – subscription businesses will have different requirements and needs to single-transaction-based businesses. Premium brands have different needs to mass-market brands, and while we may need to adjust our marketing, search, and checkout pages, every merchant must be able to offer tailored agentic experiences in line with their priorities.  

To address both threads, we’re building something big: a rich toolkit and sandbox experience to help merchants explore this agentic world. Because, as always, we want to keep our merchants ahead. Beyond our business results, this is our perpetual driver. We hope to make this new channel easier for customers to trust, and flexible enough for engineers to create with.  

Driven by the friendships we make along the way 

Finally, for our business, 2025 will be a full year of profitability, we’re on track to exceed 30% net revenue growth in our core business. We’ve continued our global expansion, opening a new office in San Francisco in February, and launching direct acquiring for Canada in July. These achievements reflect two things: a strong proposition that leads to merchants choosing Checkout, as well as relentless commitment to execution. This year we have welcomed or extended our partnerships with ASOS, eBay, GetYourGuide, HeyTea, Pinterest, Temu, Vinted, and so many more.  

What really makes me smile is the friendships we’ve forged along the way. We’re proud of our people and culture at Checkout. It’s what allows my team to build partnerships and friendships with amazing merchants around the world.  It’s why we’re also announcing an employee share buyback program, based on a $12B valuation. We hope this goes just a little way to recognize the value our people create every day.  I’m inspired by their commitment, their energy, and the performance gains they deliver for our merchants.  

Our mission remains consistent: to enable businesses to thrive in the digital economy. The pace of innovation is accelerating. The stakes are always higher. We run an infinite race, putting every single dollar of investment and every line of code to work for our merchants. Because the checkout moment, whether human or agentic, isn’t the end of a transaction, it’s the start of stronger performance.