London-based Direct Debit network GoCardless has raised a further $22.5 million in funding from existing investors Accel, Balderton Capital, Notion, and Passion, as it looks to extend its reach across international borders.
Launched in 2011, the platform is now live in six markets, with Spain, the Netherlands and Sweden joining the UK, France and Germany.
GoCardless is growing its business on the basis of soaring demand for a simpler way to collect recurring payments for companies operating across international borders.
Hiroki Takeuchi, CEO and founder, explains: “As more and more businesses become international, they face endless frustrations in managing payments across multiple territories. What we have engineered is a way to simply plug recurring payments into their existing systems, across the world, so they can focus on the challenges that really matter.”
He says the network is currently handling $4 billion in annual transactions across 30,000 businesses. GoCardless users are collecting payments across the UK, Eurozone and Sweden, with Australia and Denmark coming soon.
Global API partnership deals have also been struck with the likes of Sage, Zuora, Xero and QuickBooks.
Part of London’s thriving fintech movement, the company has now raised a total of $47.5m.