The UK's GoCardless, which helps businesses collect recurring payments online, has secured $75 million in Series E funding as it aims to build a global bank debit network.
The investment comes from new investors - Google Ventures, Adams Street Partners and Salesforce Ventures - as well as return investors - Notion Capital, Balderton Capital, Passion Capital and Accel.
The firm plans to use the funds to drive organic growth globally, building teams in new offices across Emea, ApacC and North America.
With 18% of global payments now recurring, GoCardless is on a mission to help subscription businesses cut down on customer churn, replacing the likes of cards, cheques and manual bank transfers, with automated direct debit plug-ins.
Hiroki Takeuchi, CEO, GoCardless, comments: “The way businesses collect recurring payments is broken. Using systems that are unfit for purpose is killing businesses. A global network for bank debit is an absolute necessity in allowing businesses to easily collect recurring payments anywhere, in any currency. Thanks to the support of our investors we can now open up our global network and payments platform to more businesses across the world.”
The company currently processes $10 billion of payments each year on behalf of 40,000 businesses worldwide. With the new funding in hand, the firm says that by spring 2019, the GoCardless network will cover 70% of the world’s recurring payments volume including North America.
The firm also intends to beef up ancillary services, providing cross-border payment services like FX, instant settlement, and analytics to boost transaction success rates.