GoCardless raises $22.5 mln

GoCardless has raised another $22.5 million from existing investors Accel, Balderton Capital, Notion and Passion. GoCardless, of London, said it has processed £3 billion worth of transactions for over 30,000 organizations across the UK and Europe.

PRESS RELEASE

Investors add $22.5M for GoCardless’ $4bn bank-to-bank network

  • Accel, Balderton Capital, Notion, and Passion return for latest round
  • $4bn annual transactions across 30k businesses
  • Senior hires from Skyscanner & Demandware

 

On the back of record annual growth in the UK and strong, early traction in new markets, GoCardless’ existing investors are doubling down with $22.5M to accelerate the creation of the first global bank-to-bank payments network.

 

Across the world, existing recurring payment options are incredibly fragmented between countries. Historic users of these solutions have primarily been domestic businesses with no requirement for international reach.

 

However, with the dramatic growth of global subscriptions and SaaS platforms, there is now soaring demand for a better way to collect recurring payments globally and no simple solution.

This is where GoCardless comes in. By creating a new international payments network, its mission is to help businesses take and settle recurring payments from anywhere, to anywhere, in any currency.

 

Already, GoCardless users are collecting payments across the UK, Eurozone and Sweden, with Australia and Denmark coming soon and more to follow.

 

With this head start, they provide the solution to one of the financial world’s most enduring challenges.

 

Hiroki Takeuchi, CEO and founder, explains:

 

“As more and more businesses become international, they face endless frustrations in managing payments across multiple territories. What we have engineered is a way to simply plug recurring payments into their existing systems, across the world, so they can focus on the challenges that really matter.”

 

Martin Gibson from Accel, who led the round, said:

 

“We look for businesses solving real problems and using tech to make cumbersome processes scalable. GoCardless has already demonstrated tremendous growth in this area, and recent hires at the senior level show it is building the business to own this sector.”

 

“To see GoCardless with such a head start on this mission, yet still pushing to accelerate faster, is exactly what we look for in our founders.”

 

Award-winning

  • 2nd place in Deloitte Fast 50
  • 11th in 2017 Sunday Times Tech Track 100

 

Expanding team

  • Andrew Gilboy joins as new Chief Revenue Officer, from Demandware
  • Carlos Gonzales-Cadenas joins as Chief Product & Technology Officer, from Skyscanner

 

Growing global partnerships

  • Sage
  • Zuora
  • Xero
  • QuickBooks

 

About GoCardless

GoCardless now processes over $4bn worth of transactions across more than 30,000 organisations in the UK and Europe.

 

Supporting businesses from small startups to large enterprises across a number of industries they are transforming the recurring payments industry by opening up access and providing a customer focused digital Direct Debit solution.

 

Their leading API and off the shelf integrations with over 100 partners including Xero, Sage and Zuora ensure payments can be built into the heart of the business. Customers include Sage, Thomas Cook, Box and The Guardian.

 

About Accel

Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Atlassian, Avito, BlaBlaCar, Cloudera, Deliveroo, DJI, Dropbox, Etsy, Facebook, Flipkart, Funding Circle, Kayak, QlikTech, Slack, Spotify, Supercell and WorldRemit are among the companies the firm has backed over the past 30 years.

 

The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn’t have a stereotype. For more, visit www.accel.com, www.facebook.com/accel or www.twitter.com/accel.