GoCardless, a fintech leader in recurring payments, has raised $95m in a Series F funding round.
This latest fundraise was led by Bain Capital Ventures and 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. It 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 acts for a variety of businesses from multinational corporations like Docusign to fast-growing SaaS businesses like 8×8, 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.
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, added: “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.”