GoCardless, a UK payments startup, has raised $75 million in funding. Adam Street Partners, GV, which was formally known as Google Ventures and Salesforce Ventures has invested heavily, alongside existing investors Accel Partners, Balderton Capital, Passion Capital and Notion Capital.
The company plans to use the funding to expand globally and open new offices across Asia, Europe and North America.
GoCardless allows businesses to set up recurring online bank payments from customers. The company claims it processed $10 billion in payments last year. According to their CEO and Co-Founder Hiroki Takeuchi in a recent interview, around 18% of payments globally are recurring; however, the way they are collected is “pretty broken”. There are also plans to introduce an instant settlement function, as well as the ability to process foreign exchange transactions.
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