Surging valuations in companies such as Checkout.com, Rapyd and Stripe highlight confidence that the trends encouraged by the pandemic — declining cash usage and rising numbers of online and digital payments — are here to stay for the long term. Cynics suggest some investors also have an eye on more short-term gains from a potential wave of consolidation.
“Investors are looking to put money in good companies that are doing online payments. The reality is there aren’t a lot of companies that are big and global and doing it well,” he said. He stressed, however, that underneath the investor exuberance “the numbers are real”. “Growth because of the pandemic has been insane . . . In three months we skipped three years.”