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GoCardless raises $75 million from Alphabet and Salesforce

Hiroki Takeuchi,
CEO at GoCardless

British online payments startup GoCardless has secured a $75 million investment from the venture capital arms of Alphabet Inc.’s Google and Inc to fund its international expansion. The Series E Investment round was led by new investors Adams Street Partners, GV (formerly Google Ventures) and Salesforce Ventures, as well as existing investors: Accel, Balderton Capital, Notion Capital and Passion Capital. This takes the total amount raised to $123 million.

The press release by the company points out the expansion strategy about to be adopted by its co-founder and CEO, Hiroki Takeuchi.

Some of the policies suggested Takeuchi include the launch of new features for customers, including the ability to process foreign exchange transactions, instant settlement, and using machine-learning to increase transaction success rates, using the new money to open new offices across Europe, Asia, and North America, enabling companies to get paid by direct debit in their local currency irrespective of where their customers are, taking larger share of the $2 trillion annual global payments market at a time when businesses are increasingly turning to subscription models etc.

The firm’s clients include newspapers like The Guardian and the Financial Times, as well as tech firms like Box and Sage. It says it now processes payments for more than 40,000 merchants, handling more than $10 billion worth of transactions every year.

In 2018, the company joined forces with Xero and 50 new software partners to strengthen its Direct Debit scheme. Using Direct Debit via GoCardless allows businesses to take control of payments, either using the online dashboard, through one of the GoCardless partner integrations, or by building a tailored integration using the GoCardless API.
GoCardless, founded in 2011, lets businesses set up recurring bank payments from customers online, rather than relying on a debit or credit card.

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