UK fintech GoCardless raises $95m funding

UK fintech GoCardless raises $95m funding

PR Newswire

LONDON, Dec. 17, 2020

Funding round led by Bain Capital Ventures will fuel open banking strategy, accelerating delivery of next-generation bank-to-bank payments

LONDON, Dec. 17, 2020 /PRNewswire/ -- GoCardless, a fintech leader in recurring payments supporting more than 55,000 businesses worldwide, today announces it has raised $95m in a Series F funding round.

GoCardless execs celebrate Series F funding

This latest fundraise, led by Bain Capital Ventures, follows 46% year-on-year growth for GoCardless despite the challenging economic environment and supports its ambitious growth plans. It brings the total raised to-date to $240m.

GoCardless will use the funding to accelerate its open banking strategy, combining the latest technology with its global bank debit network. For the first time, merchants will be able to access the best of both worlds for recurring payments: Instant open banking payments will provide visibility and speed, while bank debit maximises cash flow and minimises churn by pulling funds automatically from payers - all at a lower cost than cards.

GoCardless will also expand its offering into the adjacent e-commerce market to launch a simple and secure way of making bank-to-bank payments as a lower-cost alternative to cards.

GoCardless takes the pain out of getting paid for businesses of all sizes - from multinational corporations like Docusign to fast-growing SaaS businesses like 8x8, and the rising subscription economy including Brompton Bike Hire and Bridgestone's MOBOX. The company processes US$18bn+ of payments annually across more than 30 countries. In 2020, it showed resilience throughout the pandemic with strong performance and an increase in new bookings of 100%. In addition, GoCardless expanded its technology offering with Success+, a payments intelligence tool powered by machine learning, to help businesses optimise their retry strategy when payments fail.

Hiroki Takeuchi, CEO and co-founder of GoCardless, said: "This funding round demonstrates the strength of the business and the confidence both our customers and investors have in GoCardless. We're incredibly proud to have seen continued business growth in such challenging times, and to have been able to continue supporting our customers - helping them stay in control of their payments and cash flow.

"We believe that open banking is set to disrupt the payment landscape by introducing new, simpler and more secure ways of making bank-to-bank payments that will compete with the traditional card networks. Our investment in open banking innovation will create a uniquely valuable payment offering - continuing to provide our customers with the best way to collect recurring payments."

Matt Harris, partner at Bain Capital Ventures, said: "We're excited by GoCardless' enormous growth potential in a massive and largely untapped market. In particular, we're seeing strong early results as GoCardless moves beyond SMBs to serve mid-market and enterprise customers and expands its international footprint to address a growing need for bank debit processing. We have enormous confidence in Hiroki and the entire GoCardless team to build a multi-billion dollar company that will redefine the payments industry."

GoCardless' investment in its open banking strategy aims to:

Open Banking, and its equivalents around the world, are designed to open up banking data to provide consumers and businesses with access to better services that can save them time and money.

About GoCardless:

GoCardless is a global leader in recurring payments. The GoCardless global payments network and technology platform takes the pain out of getting paid for more than 55,000 businesses worldwide, from multinational corporations to small businesses. Each year GoCardless processes US$18bn+ of payments across more than 30 countries. GoCardless is headquartered in the UK, with additional offices in Australia, France, Germany, and the United States.

For more information, please visit www.gocardless.com and follow us on Twitter @GoCardless. © 2020 GoCardless Ltd. All Rights Reserved. GoCardless is a registered trademark of GoCardless Ltd in multiple countries. Third-party trademarks mentioned above are owned by their respective companies. Unless explicitly identified as such, nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of GoCardless Ltd. or any aspect of this press release.

About Bain Capital Ventures:

Bain Capital Ventures partners with disruptive founders to accelerate their ideas to market. The firm invests from seed to growth in startups driving transformation across industries, from SaaS, infrastructure software and security to fintech and healthcare to commerce and consumer tech. The firm has helped launch and commercialize more than 240 companies, including DocuSign, Jet.com, Kiva Systems, Lime, LinkedIn, Rapid7, Redis Labs, Rent the Runway, Rubrik, SendGrid, and SurveyMonkey. Bain Capital Ventures has $5.2 billion in assets under management with offices in San Francisco, New York, Boston, and Palo Alto. Follow the firm via LinkedIn and Twitter.

Photo: https://mma.prnewswire.com/media/1387155/GoCardless.jpg

Voltar noticias em Inglês