The United Kingdom-based FinTech firm GoCardless — which, as its name implies, offers technology to enable payments without, well, cards — has snagged a fresh $13 million from its latest financing round.
As TechCrunch reported, the bank-to-bank payments firm processes about £1 billion in payments on an annual basis, which has doubled since July. Cofounder and CEO Hiroki Takeuchi told the site that the latest figure “is on track to double.”
The latest round was led by a new investor, Notion Capital, alongside existing investors that include Balderton Capital and Passion Capital, among others. Total funding raised to date stands at $25 million. The new funding will be earmarked to boost the firm’s spending on sales and marketing efforts, with an eye on international expansion.
Under its current business model, GoCardless focuses on helping enterprises of all sizes take in bank-to-bank payments, with a targeted audience of firms that make their homes in eCommerce driven by subscriptions or recurring payments. The firm operates in Sweden, the Netherlands and Spain, in addition to the U.K., with newer expansion taking place in Germany and France. The firm said that as many as 16,000 merchants — with 10 million payments annually — have been using its platform, which makes its bread and butter by levying a fee on each transaction.
Among its roster of customers are Financial Times, TripAdvisor and, of course, SMEs, according to the company.