GoCardless, the global player in recurring payments, announced Monday (February 18) it has landed $75 million in venture funding.
In a press release, the U.K. payments company said the Series E investment included new investors Adam Street Partners, GV (formerly Google Ventures) and Salesforce Ventures as well as existing investors Accel Partners, Balderton Capital, Notion Capital, and Passion Capital. The funding will go to drive organic growth around the globe, build new teams in offices in EMEA, APAC and North America and provide access to businesses around the world with one unified global bank debit network for accepting subscriptions, installment and invoice payments.
The company predicted in the press release that by the spring, the GoCardless network will cover 70 percent of the recurring payments volume around the world including in North America, Europe, and APAC. “The way businesses collect recurring payments is broken. Using systems that are unfit for purpose is killing businesses. A global network for bank debit is an absolute necessity in allowing businesses to easily collect recurring payments anywhere, in any currency,” said Hiroki Takeuchi, CEO of GoCardless, in the press release. “Thanks to the support of our investors, we can now open up our global network and payments platform to more businesses across the world and deliver on our mission to take the pain out of getting paid, so that businesses can focus on what they do best.”
GoCardless said it will also use proceeds from the fundraising round to roll out innovations in the recurring payment platforms and establish bank debit for recurring revenue business by giving businesses access to cross-border payment systems, increasing business cash flow with instant settlement and increasing transaction success rates via payment intelligence that is enhanced.
“GoCardless has assembled a world class team with deep financial and technical experience, and solves a real customer need to process recurring payments simply at low cost. This has driven great growth across a wide variety of customers,” said Tom Hulme, General Partner at GV said in the same press release. “The company’s seamless integrations with direct debit networks globally takes the pain out of getting paid for recurring revenue businesses, making GoCardless well-positioned to have a meaningful impact on the payments market.”