UK-based payments platform GoCardless announced on Thursday it raised $95 million through its Series F funding round, which was led by Bain Capital Ventures. Founded in 2011, GoCardless is on a mission to take the pain out of getting paid for businesses with recurring revenue.
“We’ve created a global bank debit network, to rival credit and debit cards. On top of it, we’ve built a platform designed and optimised for taking invoice, subscription, membership and installment payments.”
GoCardless also noted that it has processed $13 billion in transactions a year and supports more than 55,000 businesses worldwide. Speaking about the investment round, Hiroki Takeuchi, CEO and co-founder of GoCardless, stated:
“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.”
Matt Harris, Partner at Bain Capital Ventures, further commented:
“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 went on to add that it will use the investment round’s funding to accelerate its open banking strategy, combining the latest technology with its global bank debit network.