London fintech startup GoCardless has raised $13 million (£9.1 million) in new funding in a round led by Notion Capital. Previous investors including Balderton Capital, Accel Partners, and Passion Capital also invested in this round.
GoCardless lets businesses easily process direct debit payments online. Companies can use GoCardless’ technology to aggregate payments, which makes accepting direct debits much more affordable.
The company said that it’s going to use the money to meet demand from new customers and expand around the world. It claims that over 16,000 companies use its technology, and that it’s now processing over £1 billion of payments a year.
Business Insider reported in October that GoCardless was in talks to raise a new round of funding. We said at the time that it was looking to raise “tens of millions” in funding.
The last time GoCardless raised money was back in January 2014, when it brought in $7 million (£4.5 million) from Balderton Capital, Accel, and Passion Capital.
GoCardless CEO Hiroki Takeuchi sent the following statement about the new round of funding:
Our vision is to create the first global bank-to-bank payment network and we are really excited to have hit £1 billion in annual payments for our merchants. While our early years focused on helping UK SMEs get access to Direct Debit, our recent growth has been driven by increasing demand from larger corporates and new markets like France and Germany.
This investment from Notion puts us in a great position to build on our traction across Europe to create an increasingly global footprint. We will use this scale to bring further benefits to our UK merchants and to continue to ramp up in continental Europe.