Checkout.com, once the hottest startup in Europe, has announced the departure of its President and COO, Céline Dufétel, citing personal reasons. Her exit comes at a challenging time for the company, which has faced significant difficulties in recent years.

Dufétel, who joined Checkout.com in 2021 from T Rowe Price, will be replaced by Jenny Hadlow, who has led the company's global revenue operations since 2021. Hadlow's appointment is seen as a strategic move to stabilize the company's operations and navigate the current market downturn.

Checkout.com's struggles began in early 2022, when it secured funding from US investment group Tiger Global and Singapore's sovereign wealth fund GIC. This funding propelled the company to become Europe's most valuable private technology business with a valuation of $40 billion. However, the company's fortunes took a drastic turn later that year when it reduced its valuation by over 70% to $11 billion due to a broader downturn in the financial technology industry.

The company's operating losses also increased significantly, exceeding a threefold increase to $126 million in 2022. This deterioration was primarily attributed to a decline in consumer spending and a decrease in crypto trading activity. Checkout.com attributed the rise in operating losses to challenging macroeconomic conditions impacting its fintech and crypto clients in particular.

In 2023, the company terminated its contract with cryptocurrency exchange Binance, citing regulatory concerns. This decision prompted Binance to consider legal action. Despite this setback, Checkout.com has emphasized that cryptocurrency does not solely account for its overall performance. According to Dufétel, crypto companies contributed less than 4% to its total processing volume as of September last year.

The departure of Dufétel, a high-ranking executive with significant experience in the financial sector, is seen as a significant blow to Checkout.com's leadership. Her exit comes at a time when the company is facing significant challenges in the current market environment.