GoCardless raises $7m

Today, we're happy to announce that we have raised $7m in Series B funding led by Balderton Capital. Our existing investors Accel Partner and Passion Capital also participated in the round.

We've known the team at Balderton for a few years now, and we've always wanted to work with them more closely. Last year was a big year for us - we are now processing $200m a year, having grown 700% in 2013. We both felt now was the right time to partner up, and take GoCardless through this next stage of development together.

We believe that payments should be one less barrier to business. Direct Debit is perfect for accepting recurring payments, but it’s been out of reach for most companies up until now. For the first time ever, we enable thousands of businesses and charities to access the system. With us, they can grow their businesses faster by improving their cash flow and freeing up time to focus on delivering value to their customers.

Last year, we expanded our team from 10 to 25 people. We will use this funding to recruit more of the best talent to help us improve scale our technology, and expand our service across Europe. Our largest customer today is 15 times bigger than that of a year ago, and we will continue to target ever larger businesses.

Our increasing scale will enable us to improve our service for all of our customers, and we look forward announcing more exciting developments over the course of this year.