UK-based payments platform GoCardless announced on Monday it secured $75 million through its Series D investment round, which was led by new investors Adams Street Partners, GV (formerly Google Ventures) and Salesforce Ventures, as well as existing investors: Accel, Balderton Capital, Notion Capital, and Passion Capital.
As previously reported, GoCardless describes itself as a next generation payments company that makes it “incredibly” cheap and easy for anyone to take payments online using its Direct Debit infrastructure. The company is sponsored by Royal Bank of Scotland (RBS) and is regulated by the FCA Financial Conduct Authority (FCA).
According to GoCardless, the Series E investment takes the total amount we’ve raised to $123 million and enables the company to take the next steps on its mission to take the pain out of getting paid, so businesses can focus on what they do best. The company reported:
“We’re on a mission to transform cash collection for these businesses. Over the last few years, we’ve built a new global network for bank debit, which will soon cover more than 70% of the world’s recurring payment volume (with the addition of the USA this Spring). By the end of 2019, our network will cover 35 countries and nine bank debit schemes, across the UK, North America, Australia and Europe.”
GoCardless went on to reported that in the months to come, it’ll be building our team in new offices around the world, giving more recurring revenue businesses across EMEA, APAC and North America, access to our network. The company then added:
“We are also developing our payments platform to solve more problems for customers, including making it easier to collect cross border payments, boosting cash flow with instant settlement and reducing failure rates by leveraging our data.”