UK Fintech GoCardless Reports Losses, Announces More Job Cuts

Bank payments Fintech GoCardless has released its UK Companies House filing for fiscal year 2024, indicating growth in various markets including North America.

GoCardless, which claims it managed to lower losses after a 20% reduction in company staff, says it has now shifted some employees to Eastern Europe.

The Fintech firm is now hoping that these changes may finally stabilize its overall operations, according to a report from Bloomberg.

As mentioned in the report, GoCardless moved various support teams to Latvia in order to lower ovearll costs with its company headcount falling to a around 600 workers.

The firm had also announced a 15% reduction in its workforce back in 2023.

As reported by GoCardless, its accounts, covering 1 July 2023 to 30 June 2024, show that revenues in the region “increased 51%.”

GoCardless claims that it saw “traction” in the financial services and telecom sectors, acquiring new customers and continuing long-term relationships.

In addition GoCardless strengthened its partnerships, including the expansion of a six-year collaboration with Sage to “help businesses gain greater control of their finances with ACH-Pull.”

Revenue from International — markets outside of its headquarters in the UK & Ireland — now “accounts for 24% of total GoCardless turnover.”

Globally, GoCardless Ltd. and its subsidiaries generated “£126.8m in revenue, a 38% increase year-on-year, bringing total income to £132.8m including interest income and revenues from other subsidiaries.”

Overall, the Group saw net losses “decrease 55% year-on-year, down from £78.0m in the year prior to £35.1m for FY24.”

The Group and its sister firm, GoCardless, Inc. have reportedly processed “£39.6 billion worth of transactions, a rise of 28% year-on-year, for over 94,000 organizations globally.”

In the first half of FY25 GoCardless has, among other milestones, added Airwallex to its roster of GoCardless Embed customers and “completed its acquisition of Sentenial Ltd, operating under the Nuapay brand.”

This will scale the fintech’s indirect channel proposition and fast-track the rollout of capabilities that will “enable customers to send as well as collect money through GoCardless.”

In North America, the fintech expanded its reach via partnerships, launching GoCardless for Salesforce on the Salesforce AppExchange and introducing an app within the Intuit Quickbooks

Recently, Cardless has strengthened its team by hiring ex-Visa professional Chris Wiley as its new Director of Enterprise Sales.

Wiley will be responsible for growing the fintech’s “enterprise customer base in the region.”

Lewis Turek, General Manager of North America at GoCardless, said:

“We’re excited to bring ACH-Pull to even more businesses, introducing them to a payment method that helps to grow their top line, cut costs and deliver a seamless customer experience.”

Hiroki Takeuchi, co-founder and CEO of GoCardless, said:

“The FY24 results show strong revenue growth and a sustainable cost base, both of which point to a clear path to profitability. … We’re continuing to see the results of our increased focus on international markets and our indirect channels. Our data services remain popular with customers, from helping them prevent fraud and improve conversion rates to powering essential business operations through open banking data. And with the integration of Nuapay providing the capability to send as well as collect payments, we’re well on our way to becoming a full-service bank payment provider.”



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