Feb. 18, 2019
GoCardless Ltd. has raised $75 million in Series E funding, led by Adams Street Partners, GV (formerly Google Ventures) and Salesforce Ventures, with plans to expand its business platform into the U.S. and Spain later this year, according to a blogpost from co-founder and CEO Hiroki Takeuchi.
Several existing investors participated in the new round, including Accel, Balderton Capital, Nation Capital and Passion Capital. The company has raised about $123 million to date.
The London-based fintech specializes in helping companies collect recurring payments, for example, subscription, installment or membership 
payments.
In December, the company announced plans to expand into Canada, allowing customers in its first North American country to withdraw recurring debit payments. GoCardless had already expanded into Denmark, Australia and New Zealand in 2018.
After expanding into the U.S., GoCardless estimated that it will cover 70 percent of the global payment market. By the end of 2019, the company will be in 35 markets and nine bank debit systems.
"We will be using the investment to develop our recurring payment platform further, for example, making it easier to take bank debit payments across borders, with FX, making bank debit faster with instant settlement and leveraging our significant transaction data to increase success rates," Carlos Gonzales-Cardenas, chief product and technology officer at GoCardless, told MobilePaymentsToday.com via email.
The company plans to open offices on the U.S. west coast later this year, he said. GoCardless estimated that more than ⅔ of payments in the U.S. are made by paper check. The company has not disclosed where it plans to open offices or how many people it plans to hire.
Beyond the U.S., the company also plans to open new offices in Spain and further grow operations in Europe and Asia.
The company said that it processes $10 billion a year in payments and has 40,000 merchants around the world using its services.
Customers include TripAdvisor, the Guardian and restaurant reservation platform Quandoo.
Topics: Bill Payment, In-App Payments, Mobile Payments, Region: Americas, Region: EMEA
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