The payments firm plans to extend its network and open new offices around the world.
GoCardless has secured $75m cash call to roll out its direct debit business payments network and open offices around the world.
The London-based firm said its network will cover 70 per cent of the world’s recurring payments volume, spanning the US, Europe and Asia Pacific by spring of this year.
The cash, a series E funding round, came from a roster of new and existing investors such as GV (formerly Google Ventures), Adam Street Partners and Notion Capital.
The payments firm said it will use the funds to upgrade its network by improving its foreign exchange cross border operations and boosting its instant settlement service. It will also focus on “building teams in new offices across Europe, the Middle East, Asia Pacific and North America”.
The business, founded in 2011, currently has 290 staff across four offices in the UK, France, Australia and Germany.
The firm said almost half of all global business transactions – $58trn in 2016 - are still done on paper, while global subscription businesses can lose up to four per cent of customers every month through avoidable payment churn.
GoCardless said currently 40,000 firms across the world use its network, processing $10bn payments a year.
GoCardless chief executive Hiroki Takeuchi said: “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.”
GV general partner Tom Hulme added: “GoCardless has assembled a world-class team with deep financial and technical experience, and solves a real customer need to process recurring payments simply at low cost. This has driven great growth across a wide variety of customers.”
Join AltFi at their fourth annual Australasia Summit to examine the future of lending in Australia. Where we present best practices across, technology, partnerships, open banking, governance, data access, consumer experience, capital markets & funding, the role of government and regulation.