Announcing $22.5m in new funding to build our global payments network
Last editedJan 20201 min read
On the back of our record annual growth in the UK and strong traction in new markets, we’re excited to announce that we’ve raised $22.5m from Accel, Balderton Capital, Notion Capital and Passion Capital. We will use this new round of funding to accelerate our creation of the first global bank-to-bank payments network.
Our payments network solves a universal problem; how to bring together recurring payment solutions that remain fragmented across countries. In the past, most businesses using these solutions were domestic, with no need for international reach.
But in our increasingly globalised world this situation is no longer viable, especially with the dramatic growth of global subscriptions and SaaS platforms. As a growing number of businesses go global, they face endless frustrations in managing payments across multiple territories.
GoCardless has the perfect head start to solving one of the financial world’s most enduring challenges. We’ve engineered a way to simply plug recurring payments into existing systems across the world, so businesses can focus on the issues that really matter.
Our users are already collecting payments across the UK, Eurozone and Sweden. Australia and Denmark are coming soon, with more to follow. Over the coming months and years, our mission is to enable businesses around the world to process recurring payments from anywhere, to anywhere - in any currency.
This new funding round is not our only key milestone this year. We now process more than $4bn worth of transactions a year, across more than 30,000 organisations in the UK and Europe.
Our existing partnerships are flourishing, with QuickBooks, Xero and Zuora along with many others, and we’ve just announced a new partnership with Sage.
I’m very excited about our next steps and proud of the hard work we’ve already done to get this far. Our ongoing success is thanks to our incredibly loyal and supportive users, both in the UK and further afield.
Going forward, we plan to use the knowledge we’ve gained in the UK and across Europe to solve a major challenge that affects businesses collecting payments globally. In the process, we’ll be taking another step closer to achieving our vision of building a global payments network for the internet.
