GoCardless, the UK start-up promising to simplify the way firms set up and accept online direct debits, has raised $7 million in a series b funding round led by Balderton Capital.
Existing investors Accel Partners and Passion Capital also participated in the round. Balderton Capital general partner Tim Bunting joins the GoCardless board.
Launched in early 2012, GoCardless simplifies the process of collecting direct debits online. Focusing on serving subscription services and B2B businesses, it is now processing over $200 million in transactions per year.
Hiroki Takeuchi, CEO of GoCardless, said, "Direct Debit is perfect for accepting recurring payments, but it's been out of reach for most companies up until now. We enable thousands of businesses to access the system for the first time, improving their cash-flow and letting them focus on delivering value to their customers."
The latest funding will be used to build out the system for enterprise customers and expand the GoCardless engineering team.
"Our largest customer today is 15 times bigger than that of a year ago. This new funding allows us to recruit the best talent to help us scale our technology to serve the demands of ever larger businesses," says Takeuchi.