After honing its recurring payments business in the UK since its 2011 launch there, Fintech startup GoCardless is moving to expand its services to the North American market.
This future expansion is made possible thanks to a new infusion of funds from its latest funding round. $75 million was raised in its Series E funding round to help open new offices in North America, South Africa, Norway and other markets. It’s already in the UK, Australia, Sweden and Denmark.
Among those investing in GoCardless’s latest round are Google’s parent company Alphabet, and US based enterprise software powerhouse Salesforce. Other investors include Adams Street Partners, Accel, Passion Capital, Balderton Capital and Notion Capital.
GoCardless directly debits funds from the customer’s bank account for payments.
“We focus on what we think of as the recurring payments market-subscriptions, invoicing, installments-and each of those markets is super broken,” said GoCardless’s co-founder and CEO Hiroki Takeuchi in an interview with business TV network CNBC. “Overall, we think these kinds of recurring payments make up about 18% of total payment volume globally So it’s quite a big chunk of all the payments that are going on around the world.”
GoCardless’ current clients include the UK newspapers The Guardian and the Financial Times. It produces payments for 40,000 clients and handles more than $10 million in transactions per year.
US potential customers can be notified when GoCardless goes online in the United States by submitting their email at their website.